2023-05-07 09:00:00 ET
Summary
- U.S. equity markets finished lower on a turbulent week after the Federal Reserve continued its historically-aggressive monetary tightening course, sparking renewed turmoil in the regional banking sector.
- After closing at its highest levels since early February last week, the S&P 500 slipped 0.8% this week, using a late-week rebound to pare its steepest four-day declines since the SVB collapse.
- Real estate equities and homebuilders were among the leaders for a third straight week, as a solid slate of earnings reports and a retreat in benchmark rates offset renewed credit concerns.
- Surprisingly buoyant rent growth - particularly across the residential, industrial, hospitality, technology, and retail sectors - was the prevailing theme across a strong slate of REIT earnings reports.
- A pair of REITs raised their dividend this week - Simon Property and Arbor Realty - while a pair lowered their payouts - City Office and Great Ajax. Blackstone plunged after limited redemptions in its flagship non-traded fund for a sixth-straight month.
For further details see:
Fed Hikes, Turmoil Ensues