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U.S. equity markets snapped a three-week winning streak as escalating tensions with China, mediocre corporate earnings reports, and continued pandemic-related uncertainty counterbalanced another slate of stellar housing data. Indications of stress in the global equity market rally have become more apparent in recent weeks amid the reacceleration in coronavirus cases across many regions of the United States, but the steadfast strength of the U.S. housing industry - perhaps the most economically-important asset class in the world - has seemingly held the fragile pieces of the global economy together during a critical