• Better-than-expected ISM non-manufacturing and factory orders data this morning wasn't enough to sustain the equity market rally today as US equity markets finished lower on a relatively quiet session.
• The S&P 500 declined by 0.3% and the tech-heavy Nasdaq finished fractionally lower while the 10-Year Treasury Yield finished higher by 2 basis points to close at 1.83%.
• Real estate was among the laggards today, under pressure for the second-straight day as the initial "risk-off' market response to heightened Middle Eastern tensions have faded this week.
• The broad-based Real Estate ETF (VNQ) finished lower by 1.1% with all major real estate sectors finishing in negative territory, dragged down by shopping center, cell tower, and prison REITs.
• Today, we published a report analyzing the "factors" that worked in the REIT sector over the past decade. Our analysis detailed the five factors that have exhibited the most notable outperformance.

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