Wednesday, February 18th, 2026
As we work by means of the “back-9” of This autumn earnings season, we give method to distinguished financial prints this holiday-shortened buying and selling week. Notably the newest Private Consumption Expenditures (PCE) report, which we’ll have to attend for till Friday morning. This morning, Housing Begins for December got here in properly forward of expectations: 1.404 million seasonally adjusted, annualized items. Analysts had been anticipating 1.31 million, and the prior month’s newly posted 1.32 million exhibits development month over month, as properly.
Constructing Permits, a proxy for future begins, additionally outperformed expectations in December: 1.45 million seasonally adjusted, annualized items surpassed the 1.40 million anticipated, and even higher than the newly posted 1.39 million reported for November, which had been delayed because of the authorities shutdown. These permits numbers, by the way in which, are nonetheless preliminary (aka topic to notable change). Key development for the month was in Multi-family (aka rental) housing, which stays in larger demand from Single-family homes.
We’ll put aside that each delayed federal financial report because the newest authorities shutdown has been higher than anticipated, and as an alternative deal with the excellent news: we proceed to see financial stabilization, notably from a year-ago level which was starting to point out some concern for the pending tariff coverage from the second Trump administration. At present, we’re seeing inflation taper off, jobs growing considerably, commerce deficits dwindle (based mostly on the tariffs) and now homebuilding choose up tempo.
Pre-market futures are up on this information, although they have been already within the inexperienced forward of the report hitting the tape after a lackluster begin to the buying and selling week. The AI narrative stays key, and till productiveness begins to justify the large spending within the new tech science, we’re prone to see traders weighing their issues extra intentionally earlier than diving in at present ranges.
Sturdy Items Enhance in December
One other delayed financial report — Sturdy Items Orders, for December — has additionally outperformed expectations this morning, with a headline -1.4% an enchancment over the -2.0% anticipated, and adopted an upwardly revised +5.4% for November. That is the weakest print since October, however nothing to counsel a wider ebb and circulation.
Ex-Transportation, we enhance to +0.9% on this revised report — properly forward of the earlier month’s downwardly revised +0.4%, and the strongest month-to-month determine since July of final yr. Non-Protection, ex-aircraft — a proxy for “regular” enterprise spending — reached +0.6%, down 20 foundation factors (bps) from +0.8% the prior month, however double the +0.3% anticipated. Shipments tripled expectations to +0.9% for the month.
Pre-markets are rolling again their highs at this hour, however nonetheless typically within the inexperienced. The Dow is +23 factors, the S&P 500 is +13 and the Nasdaq +63. The small-cap Russell 2000 has really dipped a degree into the crimson. In the meantime, bond yields have ticked up (off low ranges) as of the housing knowledge: +4.07% on the 10-year and +3.46% on the 2-year.
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