Will Rent Get Paid? Shutdowns Hit REITs
U.S. equity markets declined on another volatile week after employment data painted a grim picture of the state of the U.S. economy as the coronavirus shutdowns take a damaging toll.
Initial jobless claims data showed that nearly 10 million Americans have filed for unemployment claims over the last two weeks amid government-mandated "stay-at-home" orders, a historically unprecedented two-week surge.
A historically brutal first quarter that saw the major indexes dip by the most since the Financial Crisis came to a merciful close. The S&P 500 dipped another 2.1% this week.
Rent is due, but will it get paid? Real estate equities were slammed this week amid speculation about how many individuals and businesses will skip their rent or mortgage payments.
Are we flattening the right curve? Unemployment rates could spike to Depression-era levels if shutdowns persist into the summer, suggesting that poverty itself could become its own epidemic.