Daily Rundown

August 20, 2025

Chart of the Day

Number of the Day

1.35 million - Annualized pace of building permits in July, down by 2.8 percent sequentially for a seventh decline in the last eight months and the lowest level since 2020

Quote of the Day

"When we talk to our customers, the number one reason for deferring the large project is general economic uncertainty. That is larger than the prices of projects, labor availability, all the various things we talked about in the past. By a wide margin, economic uncertainty is number one." - Home Depot CEO Ted Decker

Tuesday's Highlights

Housing starts (July) rose by 5.2 percent to a five-month high annualized pace of 1.43 million.

Home Depot same-store sales (May-July) increased by 1.0 percent year-over-year, the largest gain in 11 quarters.

Toll Brothers orders (May-July) fell by 4.1 percent year-over-year. Prices were up modestly.

Quick Commentary

The rise in housing starts came as a surprise given the downbeat commentaries from builders in recent weeks, but it is unlikely to be sustained given the ongoing slide in permits. It remains a good bet that residential investment will continue to trend lower in the quarters ahead and that construction employment, which is still inching higher for now, will be in contraction before long.

Today's Highlights

FOMC minutes

Mortgage applications

Target earnings

TJX earnings

Lowe's earnings

Daily Trivia

What company's logo is a representation of the six visible stars of the Pleiades cluster?

(Tuesday's Question: What global political leader set a world record for highest-priced property transaction when he purchased a chateau near Paris in 2015 for $301 million? Answer: Mohammed bin Salman)