• Alex Pettee, CFA

Rally Resumes | Inflation Perks Up | Homebuyers Stay Active

Daily Recap

  • U.S. equity markets rebounded Wednesday - gaining for the seventh day in the past eight as encouraging data on the coronavirus pandemic has continued to counteract concerns from the stimulus-stalemate.

  • Finishing just shy of all-time record highs, the S&P 500 finished higher by 1.4% today while the Dow Jones Industrial Average jumped 290 points following yesterday's 104 point-decline.

  • After declining 1.4% yesterday, the Equity REIT ETF (VNQ) finished higher by 1.1% today with 15 of 18 property sectors finishing in positive territory while mortgage REITs declined 0.8%.

  • After flirting with deflationary territory amid the depths of the pandemic, inflation metrics sprung back to life in July. Core inflation recorded the largest month-over-month rise since 1991.

  • Housing Stays Hot: Mortgage applications to purchase a home rose again last week is now higher by 22% from the same time last year as the housing sector continues to lead the post-pandemic recovery.

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