• The "reopening rally" resumed for U.S. equity markets this week as concerns of a "second wave" of the coronavirus pandemic were offset by further evidence of an emerging economic rebound.
• Investors remain hesitant to wager against the "unstoppable force" of WWII-levels of fiscal stimulus and unprecedented levels of monetary support with renewed hints of a forthcoming round of additional stimulus.
• The reopening rally has shown signs of fading for several equity sectors, however, including several "non-essential" segments of the commercial real estate market as equity REITs dipped 2.1%.
• A "second wave" of dividend cuts and suspensions hit the REIT sector during second-quarter dividend declaration season. Three more REITs cut their dividend this week, pushing the total to 57 equity REITs.
• Residential real estate - along with other "essential" sectors - remains largely immune from the weakness. Mounting signs of a V-shaped recovery in the critical housing market has underlaid the broader equity rally.

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