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June 14, 2023
A quick look at today: the mixed-use property REIT has recovered almost all of its session losses after dipping down to $15.13 today.
JBG SMITH is currently trading at $15.28 following the release of FOMC Press Conference data from the United States.
Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat analyst expectations of 1.48 million and the previous reading of -451,000 with new data of 7.92 million.
Amid the market gloom, United States Interest Rate released today at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
JBG SMITH Properties made an initial break below its 5 day Simple Moving Average at $15.46, a possible indication of a forthcoming negative trend. Despite this, JBG SMITH could begin to recover as it approaches significant support, now 25 cents away from $15.03. Dipping below could be an indication that further losses are ahead.
Looking forward, JBG SMITH is poised to extend its strong downtrend and continue declining.
On the other hand, positive performances could be seen by looking at other real estate stocks as ProLogis traded at $122.27 after closing today's trading day at $121.35 (up 0.76%).
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%. Projections for United States Core Retail Sales are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out tomorrow at 12:30 UTC.
The mixed-use property REIT has fallen back around 39.39% over the past 10 months, from a notable high of $25.44.
