- Rexford Industrial suffered relatively more than others yesterday after 3.04% dip As things stand, UDR Apartments (down 2.83%) and American Homes 4 Rent (down 2.11%) are underperforming today
- European markets are currently mixed so far this session.
Ahead of today's session: leading equity indices in the US declined as S&P 500 shed 0.67% and closed at 3,695. After dropping 0.85%, Nasdaq closed at 10,681.
US markets are set to open today in around 5 hours. In the meantime, European markets are in session with varied performances. Asia-Pacific markets were down today as ASX 200 is currently down 1.02% and trading around 6,730.7.
With Q3 earnings season getting underway, around 82.35% of US companies have beaten market estimates. This past week, UnitedHealth & Johnson & Johnson published their earnings reports while Microsoft & Alphabet are scheduled to release their results in the coming days.
Market's down-tick coincides with some negative macro data published earlier as Crude Oil Inventories in United States fell short of market expectations (1.38 million) with a reading of -1.73 million, continuing the decline from the previous figure of 9.88 million.
Amid the market gloom, United States Building Permits (Sep) came out at 1.56 million, while a consensus of analysts was expecting 1.53 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.395, while the previous figure was 3.82.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 230,000 — worse than previous data of 228,000; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Oct) will be released today at 12:30 UTC. United States Existing Home Sales (Sep) scheduled to come out today at 14:00 UTC.
Yesterday's bearishness affected individual stocks as Rexford Industrial lost 3.04% yesterday before closing at $51.32. UDR Apartments (down 2.83%), American Homes 4 Rent (down 2.11%) also underperformed yesterday.
Risk-off mood drags Rexford Industrial 3.04% lower
Yesterday's session continued the recent downtrend: early in yesterday's session, Rexford Industrial Realty, Inc. dropped to $50.92 from $52.93 at the end of Tuesday, before closing at $51.32. During the session, it lost 3.04%.
The company's market cap is $9 billion with an average daily volume of 1.41 million shares.
UDR Apartments dropped by 2.83% and closed the session at $38.86
After ending Tuesday at $40, UDR Apartments dropped to $38.52 early in yesterday's session and closed at $38.86. Overall, it lost 2.83% of its value. UDR Apartments's market cap is currently $21.19 billion with an average daily trading volume of 2.73 million shares. So far in 2022, it has been doing worse than the S&P 500 by 4.86%.