In a clear "risk-on" trading pattern amid continued trade-related market turmoil, the Hoya Capital US REIT Index finished the day lower by 0.6%, led by the single family rental, mall, and hotel REIT sectors. The healthcare, net lease, and data center REIT sectors were the relative laggards on the day. The S&P 500 jumped by 2.2% and the Nasdaq surged 2.8%. At 2.12%, the 10-Year yield finished the day higher by 4 basis points, climbing back from the lowest level in 21 months.

The Hoya Capital US Housing Index finished the day higher by 1.8% with seven of the eight sectors in positive territory. The Real Estate Technology, Home Furnishings, and Homebuilding Products sectors were the strongest performing industry sectors with Whirlpool, Realogy, Restoration Hardware, Trex, and Sleep Number each jumping more than 6% on the day.

The Residential REIT sector was the lone housing sector in negative territory, dragged down by the yield-sensitive and defensive healthcare REITs Ventas, HCP, and Welltower, which each dipped more than 2% on the day.

Jobs data highlights a busy week of economic data ahead, which will be closely watched by market participants around the world. The US labor markets have defied expectations on the upside for much of the past half-decade, and continued strength in job growth should be expected to strengthen the Administration's hand at the negotiating table and improve the outlook for a trade deal with China. On the flip-side, a particularly weak report will very much put Fed rate cuts back in play and may leave the 10-year with a 1-handle by next weekend. Construction spending on Monday, factory orders on Tuesday, and ADP employment data on Wednesday are the other notable releases next week.

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