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Summary

• U.S. equity markets stumbled this week as stretched tech valuations collided with weakening consumer and labor market data, while the economic drag and uncertainty from the ongoing government shutdown build.
• Now it’s real? The shutdown has now halted fiscal flows into several sizable government benefits programs - a sudden onset of fiscal austerity that could have non-trivial disinflationary impacts.
• Snapping a three-week winning streak, the S&P 500 dipped 1.7%. REITs led as earnings season wrapped up with a handful of surprisingly solid reports from some unlikely leaders.
• Hotel REITs rallied nearly 9% after a surprisingly solid slate of results showed favorable expense controls and resilient demand trends, particularly in the upscale segment, offsetting lower-tier softness.
• Also among the leaders this week, Billboard REITs surged after results showed a surprising rebound in ad spending among national advertisers - particularly in the transit and digital format - offsetting some emerging softness in local ad spending trends.

Sean Davis/iStock via Getty Images

Real Estate Weekly Outlook

U.S. equity markets stumbled this past week as stretched tech valuations collided with weakening consumer and labor market data, while the economic drag and uncertainty from the ongoing government shutdown began to

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