Happy Wednesday everyone! Today is May 6 and we see that stock futures were higher again as investors bet on the economy reopening, U.S. private payrolls drop by 20.2 million in April and the U.S. Treasury launches the 20-year bond to help fund the record borrowing needed. We are also reading that weekly mortgage application show real recovery in homebuying as interest rates are at record lows, U.S. prices shrink by 2-3% nationally and your financial advisor may not actually be an “advisor”.
U.S. stock futures were higher in early morning trading on Wednesday, following two positive sessions in the equity markets.
Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a coronavirus-induced shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP.
The Treasury Department is launching a new 20-year bond in an effort to fund a record level of borrowing the government will need to do this year to support the economy through the coronavirus pandemic.
Weekly mortgage applications show real recovery in homebuying, as interest rates set another record low
Homebuyers appear to be heading slowly back into the market, as the coronavirus-stricken economy begins to reopen. Total mortgage application volume rose 0.1% last week compared with the previous week.
Coronavirus will shrink US home prices by 2-3% nationally, Zillow forecasts, but deeper dive could be in store
Home prices have only fallen nationally once since the Great Depression, and that was following the subprime mortgage crisis and the Great Recession. Now, barely eight years after hitting bottom, and after a mighty recovery, prices are predicted to fall nationally again, down 2-3% this year, according to Zillow.
Many financial advisors may soon have to start calling themselves something else. Some financial and wealth advisors will have to ditch the term “advisor” in their marketing, according to a federal rule that takes effect next month.