2023-04-30 09:00:00 ET
Summary
- U.S. equity markets extended their rebound this week as a strong slate of earnings reports clashed with renewed concerns over financial instability and economic data that provided fodder for both bulls and bears.
- Closing at its highest levels since early February, the S&P 500 advanced 0.9%, but gains were skewed towards larger companies. The Mid-Cap 400 slipped 0.3%, and the Small-Cap 600 declined 1.0%.
- Real estate equities were among the leaders for a second-straight week, lifted by a strong slate of earnings results that have challenged the distinctly negative sentiment surrounding commercial and residential.
- Homebuilders continued their resurgence following a punishing 2022 as New Home Sales rose to the highest level in a year in March. Residential REITs reported that rents have firmed in recent months following a sharp cool-down last year.
- Reports from office REITs - and their commercial mortgage REIT lenders - showed that the degree of pessimism might be overblown. A pair of Sunbelt-focused office REITs raised their full-year outlook, while mREITs reported limited loan performance issues.
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Tale Of 2 Cities