DC Lite #134

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1. Built-to-rent. "The share of built-for-rent single-family homes grew from 5% in 2021 to 10% in 2023, thus doubling in two years."

2. JOLTS. Job openings fell more than expected to 8.059 million in April (vs. 8.34m est, 8.35m prev) but remain elevated. On the other hand, the ratio of openings to unemployed workers has returned to pre-pandemic levels.

3. Client flows. Last week saw the biggest net sale of US equities (-$5.7bn) since July and the 4th largest outflow since at least 2008. Outflows from Tech ranked as the 2nd largest in dataset history.

4. Short interest. "The median short interest in companies on the S&P 500 now sits at about 1.7% — only just above lows posted in 2001 — and below the long-term average in every major equity sector."

5. Earnings revisions breadth. “Earnings revisions for the S&P 500 and Nasdaq 100 continue to outpace those for Small Caps.”