Tech Wreck • REIT Earnings Updates • Fed Ahead

April 29, 2022 | Hoya Capital

Tech Wreck • REIT Earnings Updates • Fed Ahead Real Estate Daily Recap Apr 29 Written By U.S. equity markets plunged Friday as downbeat earnings result from Amazon dragged technology stocks deeper into "bear market" territory while economic data this week raised further concerns about emerging stagflation. Ending a choppy week with the worst one-day declines since 2022, the S&P 500 plunged 3.6% today while the tech-heavy Nasdaq 100 dipped more than 4%.

Real estate equities snapped a stretch of outperformance with broad-based declines today - particularly from the high-flying industrial and storage sectors despite very strong earnings this week. Apartment REIT Camden Property (CPT) was among the outperformers today after reporting stellar results and raising its full-year FFO growth outlook by 500 basis points to 20.8% and raised its NOI growth outlook by 180 basis points to 13.8%. Mortgage REIT Redwood Trust (RWT) rallied more than 7% today after reporting that its Book Value Per Share ("BVPS") was essentially flat in Q1 - significantly better than expected.

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U.S. equity markets plunged Friday as downbeat earnings result from Amazon dragged technology stocks deeper into "bear market" territory while economic data this week raised further concerns about emerging stagflation. Ending a choppy week with the worst one-day declines since 2022, the S&P 500 plunged 3.6% today while the tech-heavy Nasdaq 100 dipped more than 4% and is now over 22% below its recent highs. Real estate equities snapped a stretch of outperformance ...