• Alex Pettee, CFA

Help Wanted: Shortages Intensify

  • U.S. equity markets bounced back following the worst week since February as relief over a last-minute compromise to raise the debt ceiling offset disappointment over another weaker-than-expected employment report.

  • After flirting with "correction territory" earlier in the week, the S&P 500 ultimately ended the week higher by 0.8% while the MidCap 400 climbed 0.3% and the Small Cap 600 rose 0.1%.

  • For the third straight week, weakness from large-cap technology REITs offset solid gains across much of the real estate sector. The Equity REIT Index declined 0.4% while Mortgage REITs gained 0.7%.

  • Help Wanted: The U.S. economy added just 194k jobs in September - the weakest rate of job growth since December 2020 - amid an unexpected decline in labor force participation.

  • Prison REIT GEO Group - which has benefited from the stalled Biden agenda - soared this week after a federal appeals court tossed out California's ban on privately-owned federal corrections facilities.

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Disclosure: Hoya Capital Real Estate advises two Exchange-Traded Funds listed on the NYSE. In addition to any long positions listed below, Hoya Capital is long all components in the Hoya Capital Housing 100 Index and in the Hoya Capital High Dividend Yield Index. Index definitions and a complete list of holdings are available on our website.

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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