Daily Rundown

July 24, 2026

Chart of the Day

Number of the Day

4.69

The 10-year U.S. Treasury yield on Thursday, a fourth straight daily increase and the highest level since January 2025

Quote of the Day

“Strong demand for our products continues to outpace our growing supply.”

Intel CEO Lip-Bu Tan

Thursday’s Highlights

Initial unemployment claims (week of 7/12) fell by 22,000 to a 57-year low 187,000.

The Kansas City Fed manufacturing index (July) slipped to 9.0 from a prior 11.0.

Intel revenue (Q2) jumped by 28.2 percent year-over-year.

Union Pacific freight revenue (Q2) rose by 11.6 percent year-over-year.

Quick Commentary

Jobless claims are back on the decline after trending higher in May and early June. While yesterday’s print likely overstates the underlying strength in the labor market -the decline was driven in part by seasonal adjustment issues associated with the timing of auto plant shutdowns- it is a reflection in any event of an ongoing tightness even amid a renewed slowing in job growth. With the AI economy still booming and higher oil prices set to temporarily lift the headline inflation metrics, a solid labor market is yet another factor pushing the Fed closer to tightening monetary policy.

Today’s Highlight

New home sales

Daily Trivia

What country’s futuristic stock market building features a cantilevered podium floating 118 feet above the ground, intended as a metaphor for the speculative excess that often pushes asset prices higher?

(Thursday’s Question: What ancient ruler is thought to have been one of the richest people in history, thanks in part to claiming Egypt as his private property? Answer: Caesar Augustus)