2024-10-06 09:00:00 ET
Summary
- U.S. equity markets extended gains to a fourth-straight week despite a resurgence in benchmark interest rates after a critical slate of employment data showed surprisingly strong labor market trends.
- One of several strong employment reports, Nonfarm Payrolls data showed that the U.S. economy added 254k jobs in September - the strongest in six months and well above consensus estimates.
- Combined with a nearly 10% surge in crude oil prices driven by renewed Middle East tensions, markets reflected a significantly less aggressive Fed rate cut path in the months ahead.
- Real estate equities - the most rate-sensitive market segment - were the weakest of the 11 GICS equity sectors this week, pressured by the resurgence in benchmark interest rates.
- A pair of new REITs are born. Strip center REIT SITE Centers completed its spinoff of its triple-net leased properties into Curbline Properties. Meanwhile, FrontView REIT went public through a successful $251M IPO.
Real Estate Weekly Outlook
U.S. equity markets extended gains to a fourth-straight week despite a resurgence in benchmark interest rates, as a critical slate of employment data showed surprisingly strong labor market trends in September, which - combined with a nearly 10% surge in WTI Crude Oil prices - prompted a repricing of Fed rate cut expectations to reflect fewer rate cuts this year....
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An October Surprise