Daily Rundown

February 24, 2026

Chart of the Day

Number of the Day

3.1 - Percentage increase in new orders of computers and electronics in December, a fourth straight rise and the strongest since January 2022

Quote of the Day

"But if the good labor market news of January is revised away or evaporates in February, it would support my position at the FOMC's last meeting, that a 25 basis point reduction in the policy rate was appropriate, and that such a cut should be made at the March meeting." - Federal Reserve Governor Christopher Waller

Monday's Highlights

Factory orders (December) fell 0.7 percent, as the transportation component was down by 5.4 percent. Core capital goods orders continued to rise strongly, up 0.8 percent.

The Dallas Fed manufacturing index (February) improved by 1.4 points to 0.2, the first positive reading in seven months. New orders, shipments, and employment all slowed, however.

Quick Commentary

Capital spending growth slowed in the second half of 2025, at an annualized 3.4 percent versus 8.5 percent across the prior two quarters, but, given the recent trend in orders, should be poised for a significant re-acceleration in the early stages of this year. There are obvious upside risks here in light of the capex plans recently announced by the large tech companies, although OpenAI's downscaled infrastructure plans may be an early hint that the final tally won't be quite as extreme as currently anticipated.

Today's Highlights

Consumer confidence

Case-Shiller home prices

Home Depot earnings

Daily Trivia

What term first appeared in a 1971 article in Electronic News describing the growing geographic concentration of the semiconductor industry?

(Monday's Question: What was the largest private sector employer in the U.S. for much of the 20th century before being surpassed by Walmart in the late 1990s? Answer: General Motors)