Stocks traded lower yesterday as traders digested unemployment data and monitored the stalemate in stimulus negotiations.

Initial U.S. weekly jobless claims fell to 963,000 according to the Labor Department. That was below economists estimate of 1.1 million. It was also the first time since March that jobless claims came in below 1 million.  Those collecting benefits for at least two weeks, known as continuing claims, totaled nearly 15.5 million, a decrease of 604,000 from a week ago, but still well above pre-pandemic levels.

The number of empty apartments for rent in Manhattan soared to their highest level in history, topping 13,000, as residents fled the city and landlords struggled to find new tenants.  The number of apartments for rent, or listing inventory, more than doubled over last year and set a record since data started being collected.  This is also playing out in cities around the country.  July also saw the largest fall in rental rates in nearly a decade, dropping 10%. Landlords are now offering an average of 1.7 months of free rent to try to lure tenants.

An impasse over the next round of coronavirus aid looks likely to drag on after Democrats and Republicans described themselves as hopelessly far apart on a deal to combat raging economic and health-care crises.  Don’t expect a deal anytime soon as most of the House and Senate have left for their August recess.

With Northwest Quadrant Wealth Management, I’m Tyler Simones.