Daily Recap

• U.S. equity markets finished lower for the second straight day, erasing their gains for the week, as escalating tensions with China and pandemic-related uncertainty outweighed strong housing data this morning.
• Following a decline of 1.2% yesterday, the S&P 500 finished lower by 0.7% while the Dow Jones Industrial Average slid another 182 points following yesterday's 353 point decline.
• After declining by 0.4% yesterday, the Equity REIT ETF finished lower by 0.7% today with 15-of-18 property sectors in negative territory ahead of a busy slate of earnings next week.
• The U.S. housing industry continues to be the bright-spot of the economic recovery. New Home Sales topped estimates in June, jumping 13.8% from May and were higher by 6.9% from last year.
• We'll have a full analysis of this week's news and events - and a preview of next week's slate of REIT earnings in our Real Estate Weekly Outlook published tomorrow morning.

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