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  • Alex Pettee, CFA

REITs Lead Rally | Reopening Reversals | Jobs Day Ahead

Daily Recap

  • U.S. equity markets finished mostly higher on Wednesday ahead of the critical BLS payrolls report tomorrow as investors continue to weigh both positive and negative data points on the pandemic.

  • Progress on vaccine development and solid employment and housing market data today and partially offset by reports that some states and companies continue to delay or reverse reopening progress.

  • Adding to gains of 1.5% yesterday, the S&P 500 finished higher by 0.5% today but the Dow Jones Industrial Average pulled back 78 points following yesterday's 217 point rally.

  • ADP data today showed that 2.3 million jobs were added in June - slightly below expectations of 3 million - but made a significant upward revision of 5.8 million jobs to their May figures.

  • Mortgage applications to purchase a home remained higher by 15% from the same time last year on the week ending June 26th, holding on to the "V-shaped" recovery pattern exhibited over the last three months.

To read the full report, click here to visit Seeking Alpha!

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