Weekly Macros - May 24th, 2020

  • Stock futures opened higher Monday on hopes of a Coronavirus vaccine. Despite the economic destruction on Main Street, Wall Street has pared almost 75% of 2020 losses, as the Nasdaq nears all-time-highs.

  • New unemployment claims fell slightly over last week's numbers to 2.44M. Regardless, pre-Covid weekly jobless claims were a mere 250,000-300,000, signs the damage is still spreading.

  • NMHC's Rent Payment tracker currently indicates that 90.8% of Apartment households paid rent as of May 13th, only a 2.2% decrease over May - 2019 numbers. This is near the average monthly payment rate over the last 5 years.

  • On the economic calendar & reporting this week: Weekly Jobless Claims (Thurs. 8:30 AM ET) & Consumer Spending (Fri. 8:30AM ET).

#Stocks #Unemployment #NMHC #Covid19 #JoblessClaims

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