Tech Rebound • Strong Jobs Data • mREIT Dividend Cut

March 24, 2022 | Hoya Capital

Tech Rebound • Strong Jobs Data • mREIT Dividend Cut Real Estate Daily Recap Mar 24 Written By U.S. equity markets rebounded Thursday- led by a rebound in technology stocks- following strong employment data and a retreat in energy prices, offsetting pressure from a continued rise in Treasury yields. Climbing back into positive territory for the week, the S&P 500 advanced 1.5% today while the tech-heavy Nasdaq 100 rallied 2.2%, extending a rally of over 13% from its recent lows.

Real estate equities were mixed today with cannabis and healthcare REITs leading to the upside as the Equity REIT Index advanced 0.5% with all 15-of-19 property sectors in positive-territory. The U.S. labor market remains a bright spot in an increasingly choppy economic environment as Initial Jobless Claims data today showed the fewest jobless filings since September 1969. Small-cap Western Asset Mortgage (WMC) was among the laggards today after cutting its dividend by 33% to 0.04/share - the third mortgage REIT to reduce its dividend this year compared to seven dividend increases.

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U.S. equity markets rebounded Thursday - led by a rebound in technology stocks - following strong employment data and a retreat in energy prices, offsetting pressure from a continued rise in Treasury yields. Climbing back into positive territory for the week, the S&P 500 advanced 1.5% today while the tech-heavy Nasdaq 100 rallied 2.2%, extending a rally of over 13% from its recent lows earlier this month. Real estate equities ...