VPN - REITs Back On Top

• U.S. equity markets were mixed on a volatile holiday-shortened trading week as renewed concerns over the spread of COVID variants and downbeat economic data pulled global sovereign yields to five-month lows.
• Climbing for the third-straight week and closing at record highs, the S&P 500 gained 0.4%, but the Mid-Cap 400 and Small-Cap 600 each declined for the second-straight week.
• Led by residential REITs, real estate equities stayed red-hot this week and are now the best-performing major asset class this year with total returns of nearly 25%.
• Apartment rents are soaring at the fastest pace on record, and fresh data this week showed an acceleration into late June with rents increasing by 2.3% nationally, pushing the year-to-date gains to a 'staggering' 9.2%.
• Help Wanted! Job openings climbed to record-highs in May as employers struggle to offer competitive wages relative to generous unemployment benefits offered by the state and federal government.

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