Stocks Dip | Jobless Claims Rise | REITs Raise Guidance
U.S. equity markets snapped a four-day winning streak today after employment data showed an unexpected uptick in Initial Claims, a concerning sign that the pace of the recovery has stalled.
Following gains of 0.6% yesterday, the S&P 500 finished lower by 1.2% while the Dow Jones Industrial Average dipped 353 points following yesterday's 165 points-rally.
After gaining 1.5% yesterday, the Equity REIT ETF finished lower by 0.4% today with 14 of 18 REIT sectors in negative territory following a busy slate of earnings yesterday afternoon.
Initial Jobless Claims snapped a streak of 15-weeks of declines. Continuing Jobless Claims, however, were better-than-consensus estimates, declining to 16.2 million from last week's 17.3 million.
First Industrial became the second REIT to raise full-year guidance out of the thirteen REITs that have reported thus far. Rent collection metrics have been solid and we haven't yet seen any additional dividend cuts.