• The rebound continued for U.S. equity markets this week despite another brutal week of unemployment data. Nearly a fifth of the American workforce has filed for jobless claims since mid-March.
• Investors are wagering that WWII-levels of fiscal spending combined with unprecedented levels of monetary support can help to offset the economic pain from the coronavirus shutdowns.
• Real estate equities continued their recent rebound on the busiest week of real estate earnings season as more than 75 REITs reported earnings results and rent collection metrics.
• Real estate earnings season has generally topped expectations. REIT dividend cuts continue to mount, however, as 41 out of 165 Equity REITs have cut dividends since the start of the pandemic.
• Homebuilders and housing-related equities have led the recent rebound on mounting optimism that the housing industry will lead the eventual economic recovery amid a potential "suburban revival."

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