RTLPP - Cracks In The Consumer

• U.S. equity markets extended a dismal stretch of declines to seven-straight weeks amid concerns over persistent inflation, slowing growth, and questions over the Fed's ability to engineer a "soft landing."
• The S&P 500 dipped another 3.0% on the week while the Dow Jones Industrial Average extended its skid to eight straight weeks, its worst stretch of declines since the Great Depression.
• Domestic-focused and yield-sensitive sectors - including real estate equities - were among the better performers on the week. Constructively, bonds have caught a bid recently amid an otherwise historically-weak year.
• It was a dismal week for retail stocks as a handful of the largest retailers plunged more than 20% following disappointing earnings results. Home Depot was a notable upside standout as consumers continue to invest in their home amid a lingering housing shortage.
• Beneath the gloomy mood, the REIT sector delivered another wave of dividend hikes, highlighted by double-digit hikes from apartment REITs Mid-America and Independence, timber REIT Rayonier, and the 53rd-consecutive quarterly dividend hike from American Tower.

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