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- The Daily REITBeat | Friday, June 6th, 2025
The Daily REITBeat | Friday, June 6th, 2025
"A Fight for the Ages?"
David Auerbach
June 06, 2025
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Good Morning!
Futures in the green at the time of this writing as talking heads set the stage for today’s May Nonfarm Payrolls report after yesterday’s fireworks back-and-forth between President Trump and Elon Musk.
From Bloomberg
"An uneasy calm settled on financial markets amid signs of cooling in President Donald Trump’s spat with Elon Musk, with US stock futures rebounding before a release of key data on American hiring.
S&P 500 contracts rose 0.4%. Tesla Inc. gained 4.1% in early trading after plunging 14% on Thursday, when Trump proposed cutting off the billionaire’s government contracts. Musk, who triggered the public feud by criticizing Trump’s signature tax bill, later signaled that he’s keen to dial down the hostility.
The moves in other asset classes were more muted as traders awaited Friday’s nonfarm payrolls report for fresh insight into the economic impact of the Trump administration’s trade war. The dollar rose 0.1% as Treasuries treaded water, with the 10-year yield at 4.39%.
“Investors are getting used to all the noise and are looking at concrete matters like the jobs report or budget,” said Mabrouk Chetouane, head of global market strategy at Natixis Investment Managers. “There is a cooling trend in the labor market, which I expect will show this afternoon."
In REIT News
Citi upgrades INVH to Buy from Neutral (raise price target by $3.50 to $38.50)
Citi downgrades AMH to Neutral from Buy (maintain $41 price target)
VNO announced that its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan as the five-year interest only loan matures in June 2030 and has a fixed rate of 5.84% which replaces the prior $675 million loan that bore interest at 4.25% and was scheduled to mature in July 2025
REXR released its 2024 Environmental, Social and Governance Impact (ESGi) Report and its 2025 Task Force on Climate-Related Financial Disclosures ("TCFD") Report which informs forward-looking climate-related strategy
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Have a great day!
David Auerbach