Daily Recap

• U.S. equity markets finished higher on Monday, adding to last week's gains as investors balanced data showing coronavirus deaths declining to the lowest level since March against concerns of a "second-wave."
• Following gains of 1.5% last week, the S&P 500 gained by 0.6% on the day while the Dow Jones Industrial Average gained 154 points and the Nasdaq added 1.1%.
• After declining by 2.1% last week, the broad-based Equity REIT ETFs finished marginally lower today with 10 of 18 property sectors in negative territory while Mortgage REITs declined by 0.7%.
• Existing Home Sales dipped in May, reflecting the lack of sales activity during the worst of the coronavirus-related economic shutdowns from mid-March through late April, but higher-frequency data suggests a sharp rebound.
• We're still in the heart of dividend declaration season in the commercial REIT sector and we may see a continuation of the "second wave" of cuts that we saw last week.

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