- U.S. equity markets declined for a fifth-straight week - the worst losing streak since 2012 - after the Federal Reserve delivered a double rate-hike that flared intense volatility but didn't ease stagflation worries.
- Off to its worst start to a year since 1939, the S&P 500 declined another 0.2% on the week while the tech-heavy Nasdaq 100 dipped deeper into "bear market" territory.
- For the second-straight week, a strong slate of REIT earnings results and positive dividend news was overwhelmed by macro events in a week that saw unexplained carnage across several property sectors.
- Mortgage REITs have been a bright spot amid the carnage over the past two weeks as earnings results confirmed that the brutal macro environment - and historic weakness in MBS valuations - hasn't been the catastrophe for mREITs that some expected.
- Healthcare REITs were also one of the few places to hide after earnings results showed stabilizing fundamentals in the troubled skilled nursing and senior housing sectors. Elsewhere, a pair of hotel REITs announced dividend increases.
For further details see:
Bright Spots In market Carnage