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  • Alex Pettee, CFA

Georgia Votes • Dividend Boost • Bitcoin Frenzy

Summary

  • U.S. equity markets bounced back Tuesday as investors await the results of the pair of Georgia runoff Senate elections today that will determine the contours of fiscal and regulatory policy.

  • After dipping by 1.5% yesterday, the S&P 500 finished higher by 0.7% today while the Dow Jones Industrial Average gained 168 points following yesterday's 383 point-slide.

  • Following a sell-off of more than 3% yesterday, real estate equities bounced back a bit today as the Equity REIT ETF gained 0.1% with 13-of-19 property sectors in positive territory.

  • Life Storage (LSI) became the first REIT to boost its dividend in 2021. The self-storage REIT boosted its dividend by 4% while also announcing a three-for-two stock split of the common stock.

  • Bitcoin (BTC-USD) surged another 15% to fresh record-highs, fueled in part by rising concerns over inflationary pressure. The outcome of today's Georgia runoffs could have significant implications for inflation expectations and interest rates.

Real Estate Daily Recap

U.S. equity markets bounced back Tuesday as investors await the results of the pair of Georgia runoff Senate elections today that will determine the contours of fiscal and regulatory policy. After dipping by 1.5% yesterday, the S&P 500 ETF (SPY) finished higher by 0.7% today while the Dow Jones Industrial Average (DIA) gained 168 points following yesterday's 383 point-slide. Following a sell-off of more than 3% yesterday, real estate equities bounced back a bit today as the broad-based Equity REIT ETF (VNQ) gained 0.1% with 13 of 19 property sectors in positive territory. The Mortgage REIT ETF (REM) declined by 0.2% following a 3.0% dip on Monday.

Nine of the eleven GICS equity sectors finished in positive territory today, led to the upside by the Energy (XLE) sector which jumped nearly 5% after Saudi Arabia announced that it would cut 1 million barrels a day of crude production starting next month. Bitcoin (BTC-USD) surged another 15% to fresh record-highs, fueled in part by rising concerns over inflationary pressure. Today's Georiga runoffs, which are a perfect 50/50 toss-up in the betting markets, will have ramifications on inflation expectations as a Democrat "trifecta" would likely set the course for an expansionary - and perhaps inflationary - fiscal policy, particularly in the immediate post-pandemic period.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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