SBRA - REITs Rebound As Earnings Wrap
2024-05-12 09:00:00 ET
Summary
- U.S. equity markets advanced for a third straight week as investors weighed solid corporate earnings results and moderately dovish Fed commentary against surprisingly downbeat economic data.
- The S&P 500 rallied 1.9% on the week to bring the benchmark back to within 1% of record highs. Gains were relatively broad-based, with the Mid-Cap 400 gaining 2.2%.
- Real estate equities were among the leaders for a third-straight week, as the back half of REIT earnings season proved surprisingly stronger than the initial slate.
- Data Center REIT Equinix - one of several REITs that has fallen into the cross-hairs of short-sellers - surged this week after it announced that its Audit Committee found no issues with its financial statement or practices.
- Embattled hospital owner Medical Properties slumped after its largest tenant - Steward Health Care - filed for Chapter 11 bankruptcy, a widely expected move following several quarters of worsening financial distress, large write-offs, and significant missed rents.
Real Estate Weekly Outlook
U.S. equity markets advanced for a third straight week while benchmark interest rates were little changed as investors weighed another solid slate of corporate earnings results and moderately dovish Fed commentary against surprisingly soft economic data showing a sharp dip in consumer confidence and a corresponding jump in inflation expectations....
REITs Rebound As Earnings Wrap