The upside momentum in the US stock market so far this year continues to be led by rallies in communications services and energy shares, based on a set of ETFs through Monday’s close . Both sectors are outperforming the broad market and their counterparts.) are tied for first place in 2024’s performance run. Each fund is posting a 12.2% year-to-date return. The gains reflect moderate premiums over the broad market’s 9.0% increase this year, based on SPDR S&P 500 ETF , which has fallen 6.
“From where listed REITs are currently priced, I don’t believe the market needs to expect rate cuts for REITs to deliver solid performance,” says Janus Henderson Investors’ Gregory Kuhl. “If the market reaches a solid consensus that rate hikes are off the table, that may be enough to get REITs going. It did seem like Powell took rate hikes off the table , which I think is a positive for REITs.”), which is also interest-rate sensitive, has rallied lately while XLRE has barely moved. XLU is up 9.5% year to date, a gap that suggests sentiment for property shares suffers from more than concerns about competitive Treasury yields.
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