Risk-On | Deflation | Timber!
U.S. equity markets finished higher on Friday, pushing the major averages to a second-straight week of solid gains despite continued concerns over increasing levels of confirmed coronavirus cases.
Finishing the week higher by 1.7%, the S&P 500 finished higher by 1.0% today while the Dow Jones Industrial Average gained 369 points, reversing yesterday's 361 points decline.
Ending the week lower by roughly 2% - the second-worst performing equity sector this week - Equity REIT ETFs finished higher by 0.4% today with 14 of 18 sectors higher.
Producer Prices unexpectedly fell in June as inflation metrics remain near record-lows despite unprecedented levels of fiscal and monetary stimulus. We'll have a full breakdown in our Weekly Outlook published Saturday morning.
Timber! One commodity that is seeing some upward price pressure is lumber prices, which have surged in recent months amid the sharp rebound in home construction activity. Timber REITs led the gains today following positive analyst commentary.