Daily Rundown

February 3, 2026

Chart of the Day

Number of the Day

11 - Number of manufacturing industries, out of 18, reported by ISM to have expanded production in January, up from four in the prior month and the most since March 2024

Quote of the Day

"Business conditions remain soft as we continue to miss sales, orders, and profits as a result of increased costs from tariffs, continued fallout from the government shutdown, and increased global uncertainty." - Respondent to the January ISM manufacturing survey

Monday's Highlights

The ISM manufacturing index (January) rose to a 41-month high 52.6, the first expansionary reading in a year, as the production and new orders components both jumped.

The Fed's senior loan officer survey (November-January) showed modestly tighter lending standards on C&I loans and slightly easier standards on balance in other categories.

Quick Commentary

Yesterday brought more signs of economic improvement, as the latest data showed both renewed growth in the factory sector and stabilization in bank lending standards. The universally downbeat anecdotal comments in the ISM report reflect an ongoing undercurrent of downside risk, however, with many respondents noting that the market is still soft and the outlook is still highly uncertain.

Daily Trivia

What is the only company that has held the naming rights on two different Super Bowl stadiums?

(Monday's Question: What annual ad campaign, which ran for the first time in 1987, came about when a marketing executive sought to capture "the most joyful moment in all of American television"? Answer: Disney's 'What's Next?' Super Bowl ads ("I'm going to Disney World!"))