• U.S. equity markets finished mostly lower on Thursday, consolidating a significant "reopening rally" over the past several weeks, on continued signs that the economic rebound is already in full swing.
• Following gains of 1.4% yesterday, the S&P 500 declined by 0.3% while the Dow Jones Industrial Average added 12 points to the nearly-800 point rally over the prior two days.
• This week's "reopening rally" comes ahead of tomorrow's closely-watched nonfarm payrolls report in which economists expect to see 8.25 million job losses in May, reflecting the damaging toll of coronavirus-related shutdowns.
• Higher-frequency data, however, has shown that millions of Americans have returned to work - and to the restaurants and hotels - over the last several weeks. Housing data continues to be a bright spot.
• Still higher by more than 5% this week, the broad-based Equity REIT ETFs declined by 0.7% today with 9 of 18 sectors on the upside led again by hotel and retail REITs while Mortgage REITs jumped 4.9%.

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