Earnings, Elections And Fed Ahead
U.S. equity markets advanced for the fourth straight week on strong corporate earnings reports while investors expressed relief over continued setbacks and cuts in the Biden Administration's tax-and-spending agenda.
The fate of trillions of dollars of government spending and tax hikes may hinge on several key elections next week that could serve as de-facto referendums on the Biden agenda.
Led to the upside by red-hot residential REITs, the Equity REIT Index was fractionally higher this week amid a frenetic slate of earnings reports and a continued wave of dividend hikes.
Renters should prepare for an unwelcome surprise. Apartment REITs reported that rents continue to soar across the nation with renewal rental rates at double-digit rates and new lease rates surging nearly 20%.
New Home Sales jumped 14% in September, the largest monthly increase since July 2020. Results from homebuilders confirmed that while supply chain constraints persist, housing demand remains relentless.
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