Daily Recap

• U.S. equity markets extended their rally Wednesday despite downbeat ADP employment data this morning as lawmakers are reportedly nearing a deal on the next round of fiscal stimulus.
• Gaining for the fourth-straight day, the S&P 500 gained 0.6% today while the Dow Jones Industrial Average jumped 373 points following yesterday's 165 point-rally and the Nasdaq closed at record-highs.
• Amid a frenetic stretch of real estate earnings reports, the Equity REIT ETF finished lower by 0.5% today with 15-of-18 property sectors in negative territory. Mortgage REITs gained 1.7% today.
• Today's gains came despite a downbeat ADP payrolls report which showed just 167k jobs added in July versus the 1 million increase expected. Mortgage data, however, showed a continuation of the strong trends in the housing market.
• It's the busiest 48-hour stretch for commercial real estate earnings with a bevy of healthcare, retail, and hotel REITs reporting results. We'll update this report throughout the evening with our commentary.

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