Daily Rundown

July 22, 2026

Chart of the Day

Number of the Day

20.0

D.R. Horton’s cancellation rate in the second quarter, up from 17.0 percent a year ago, and equaling the highest since mid-2023

Quote of the Day

“As we look at the overall energy price environment, it really hasn’t impacted us. We’re still selling full-size SUVs as quickly as we can make them.”

General Motors CEO Paul Jacobson

Tuesday’s Highlights

The Philadelphia Fed non-manufacturing index (July) jumped to 7.4 from a prior -25.8.

ADP’s private employment estimate (four weeks through 7/4) rose by an average of 16,500.

GM vehicle sales (Q2) fell by 7.3 percent year-over-year. U.S. sales were down 4.3 percent.

D.R. Horton orders (Q2) inched up by 0.1 percent year-over-year. Prices were little changed.

Capital One’s delinquency rate (Q2) fell to 3.4 percent from 3.6 percent one year ago.

Quick Commentary

Second quarter earnings season is off to a solid start, with early reports showing that the consumer in aggregate is still healthy and still spending. Housing remains a notable exception, however, and the renewed slowdown in the labor market suggests broader risks going forward should it continue in the months ahead.

Today’s Highlight

Mortgage applications

Daily Trivia

What single-company organization did the American Economic Association call the world’s “most successful and longest-lasting cartel”?

(Tuesday’s Question: What was the ‘It’ in Ben Bernanke’s 2002 speech “Making Sure ‘It’ Doesn’t Happen Here”? Answer: Deflation)