Daily Rundown

April 7, 2026

Chart of the Day

Number of the Day

0 - The number of commodities reported to be down in price in the March ISM services report, the first time that no price declines were reported since May 2021

Quote of the Day

"I do believe that when we have a credit cycle, which will happen one day, losses on all leveraged lending in general will be higher than expected, relative to the environment. This is because credit standards have been modestly weakening pretty much across the board; i.e., more aggressive and positive assumptions about future performance, weaker covenants, more use of payment-in-kind, more aggressive private ratings, and more arbitrage." - JPMorgan CEO Jamie Dimon

Monday's Highlights

The ISM services index (March) fell to 54.0 from a prior 56.1.

The global supply chain pressure index (March) rose to a 38-month high 0.68 from a prior 0.54.

Quick Commentary

Yesterday's ISM services report was one of extremes, as the new orders and prices paid indices both hit their highest levels in more than three years while the employment index fell to its lowest reading since late 2023. Rising prices and nascent supply chain disruptions represent near-term risks, but both are likely to reverse course once the war in the Middle East comes to a conclusion. The more sustainable risk stems from the labor market, which, even after the surprisingly solid March jobs report, still looks to be on a downward trajectory.

Today's Highlights

Durable goods orders

Consumer credit

Household expectations

Daily Trivia

What company's percussive theme song, developed in 2013 for an ad campaign entitled 'Curb Appeal', has been streamed more than 31 million times on Spotify?

(Monday's Question: In what year was the shortest bear market in the history of the S&P 500, with the index falling by 33.9 percent over a period of just 33 days? Answer: 2020)