Real estate stocks plunge as rate cut hopes go topsy-turvy

 Real estate stocks tumbled despite strong quarterly results as the U.S. Federal Reserve rate cut odds went on a wild journey since Wednesday.

The Fed kept its benchmark policy rate at 4.25%-4.50%, as widely expected, on Wednesday. Chair Jerome Powell signaled that policymakers were in no hurry to cut interest rates.

Chances of a September rate cut plunged below 50% after Powell's hawkish remarks, and then fell below 40% on Thursday after a stubborn inflation report. But Friday's jobs data has caused a significant reversal, sending the odds back above 80%.

The S&P 500 Real Estate Index Sector (SP500-60) was down 3.47% from the prior week to 259.22, while the accompanying Real Estate Select Sector SPDR Fund ETF (NYSEARCA:XLRE) declined 3.51% to 41.29.

Dow Jones REIT Indx Equity REIT Total Return Index (NASDAQ:REIT:IND) fell 3.55% on a weekly basis to 2,608.98, while FTSE NAREIT Equity REITS retreated 3.57% to 753.55.

Meanwhile, the earnings season continued on a positive note for the real estate companies. Here is a look at the week's major earnings releases:

• Camden Property Trust (CPT) - FFO miss, revenue beat
• Kimco Realty (KIM) - FFO beat, revenue in-line
• Equinix (EQIX) - FFO beat, revenue in-line
• UDR (UDR) - FFO miss, revenue beat
• VICI Properties (VICI) - FFO miss, revenue beat
• Invitation Homes (INVH) - FFO in-line, revenue beat
• Host Hotels & Resorts (HST) - FFO beat, revenue beat
• Extra Space Storage (EXR) - FFO miss
• AvalonBay Communities (AVB) - FFO beat
• Mid-America Apartment Communities (MAA) - FFO beat, revenue miss
• Public Storage (PSA) - FFO beat, revenue miss
• Regency Centers (REG) - FFO beat
• American Tower (AMT) - FFO beat, revenue beat
• Omega Healthcare Investors (OHI) - FFO beat, revenue beat
• Healthcare Realty (HR) - FFO beat, revenue beat
• Agree Realty (ADC) - FFO in-line, revenue beat
• Medical Properties Trust (MPW) - FFO beat, revenue beat
• CTO Realty Growth (CTO) - FFO miss, revenue beat
• Industrial Logistics Properties (ILPT) - FFO beat, revenue beat
• W. P. Carey (WPC) - FFO beat, revenue beat

https://www.msn.com/en-us/money/realestate/real-estate-stocks-plunge-as-rate-cut-hopes-go-topsy-turvy/ar-AA1JMKlH