Daily Rundown

May 19, 2026

Chart of the Day

Number of the Day

5.3 - The New York Fed's capital spending index for services in May, up from 2.9 in the prior month and the highest since November 2024

Quote of the Day

"The housing market remains soft, as higher mortgage rates, rising gas prices, and economic uncertainty related to the war in Iran continue to dampen buyer demand." - National Association of Home Builders Chairman Bill Owens

Monday's Highlights

The NAHB's home builder sentiment index (May) improved to 37.0 from a prior 34.0, still down modestly since the outset of the year.

The New York Fed's services index (May) rose to -5.8 from a prior -14.0, a 20^th straight negative reading but the best since January 2025.

Quick Commentary

The home builder sentiment numbers, while better this month than in April, suggest that the housing market remains cyclically weak, as sales activity and buyer traffic continue to trend well below their long-term averages. There are also signs of a structural shift in these numbers, with sentiment among builders in the West, which had in the last several cycles often ranked as the strongest region in the country, now coming in as the weakest. This is at least in large part an affordability issue, one that has implications for the broader housing market in the years ahead.

Today's Highlights

Pending home sales

Home Depot earnings

Toll Brothers earnings

Daily Trivia

What company's founding on April 5, 1993 is commemorated by a plaque in a booth at a Denny's restaurant in East San Jose, CA?

(Monday's Question: What country was in default for more than 50 years on the loans it took out to finance its war of independence from the Ottoman Empire in the 1820s? Answer: Greece)