Real estate stocks surge as rate hike odds decrease
Real estate stocks surged as odds of an October rate hike fell to 15.5%. The S&P 500 Real Estate Index rose 1.15%, with CoStar Group leading weekly gains (+8.90%) and hotel REITs advancing on normalized growth expectations. Conversely, data center REIT Equinix declined 3.91% amid tech sector concerns over AI financing costs. Prologis beat earnings but lowered net income guidance, while Alexandria Real Estate Equities dropped 8.55% after BMO cut its rating to Sell.