- U.S. equity markets advanced for the fourth straight week on strong corporate earnings reports while investors expressed relief over continued setbacks and cuts in the Biden Administration's tax-and-spending agenda.
- The fate of trillions of dollars of government spending and tax hikes may hinge on several key elections next week that could serve as de-facto referendums on the Biden agenda.
- Led to the upside by red-hot residential REITs, the Equity REIT Index was fractionally higher this week amid a frenetic slate of earnings reports and a continued wave of dividend hikes.
- Renters should prepare for an unwelcome surprise. Apartment REITs reported that rents continue to soar across the nation with renewal rental rates at double-digit rates and new lease rates surging nearly 20%.
- New Home Sales jumped 14% in September, the largest monthly increase since July 2020. Results from homebuilders confirmed that while supply chain constraints persist, housing demand remains relentless.
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Earnings, Elections And Fed Ahead