Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Stocks Dip | Jobless Claims Rise | REITs Raise Guidance

Daily Recap

  • 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.

To read the full report, click here to visit Seeking Alpha!

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Hoya Capital Real Estate, LLC

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