The Daily REITBeat | Thursday, October 24th, 2024

"A High Bar?"

Author

David Auerbach
October 24, 2024

In Partnership With

Good Morning!

Dow futures down around 50 points at the time of this writing as talking heads focus on Tesla and other earnings, interest rates, and treasuries.

From Bloomberg

  • "The S&P 500 was on track for its first day of gains this week after blowout results from Tesla Inc. and a slew of positive earnings surprises in Europe.

  • Contracts on the US benchmark pointed to stocks opening 0.5% higher on Wall Street. Futures on the Nasdaq 100 rallied almost 1% after Tesla’s biggest quarterly profit in more than a year sent its stock surging 13% in premarket trading. US Treasuries climbed for the first day this week and the dollar fell.

  • With earnings season in full flow, the gains mark a resumption of the rally that took the S&P 500 to its 47th record high last week. Traders now are bracing for more results from the biggest US tech companies, a turbulent US presidential race and the Federal Reserve’s next rate decision.

  • As Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. line up to report next week, “I would be hesitant to say we are through this earnings season,” said Colin Graham, head of multi-asset strategies at Robeco. “Earnings expectations have been downgraded more this quarter than in previous quarters and the bar to beat them was really low this time.”"

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In REIT News

  • BofA reinstates ROIC with an Underperform rating ($14 price target)

  • Wolfe Research downgrades OUT to Peer Perform from Outperform

  • Yesterday, Morningstar upgraded PSA to Hold from Sell (maintain $318 price target)

  • EGP, EPRT, EQC, GTY announced quarterly earnings while ALEX, CTO, CUZ, DLR, DOC, GLPI, PDM, PECO, WY announce earnings after the close of trading

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Welcome your comments and feedback.

Have a great day!

David Auerbach & Mary Jensen