Jobs Losses Mount Amid Shutdowns [Daily Recap]
- U.S. equity markets gave back all of their weekly gains on Friday as employment data painted a grim picture for the state of the U.S. economy if coronavirus shutdowns persist.
- After gaining 2.3% yesterday, the S&P 500 finished the day lower by 1.5% while the Dow Jones Industrial Average dipped 361 points after yesterday's 470 point gain.
- Real estate-related equities ended a brutal week with the broad-based commercial Real Estate ETFs dipping another 1.5% to push their weekly losses to roughly 9%.
- Mortgage REITs extended their punishing declines to a sixth straight day as mounting uncertainty over the impact of delays in mortgage payment collection compounded with existing short-term liquidity concerns.
- Nonfarm payrolls plunged by 701k in March, definitively snapping the record-streak of more than 110 consecutive months of employment growth that began in September 2010.
Real Estate Daily Recap
U.S. equity markets gave back all of their weekly gains on Friday as new employment data painted a grim picture for the state of the U.S. economy if coronavirus shutdowns persist. After gaining 2.3% yesterday, the S&P 500 ETF (SPY) finished lower by 1.5% while the Dow Jones Industrial Average (DIA) dipped 361 points after yesterday's 470 point gain. Real estate-related equities ended a brutal week with the broad-based commercial Real Estate ETF (VNQ) dipping another 1.5% to push its weekly losses to roughly 9%. Mortgage REITs (REM) extended their punishing declines to a sixth straight day as mounting uncertainty over the impact of delays in mortgage payment collection compounded with existing short-term liquidity concerns.
