Liz Ann Sonders Re-poster
Chief Investment Strategist, Schwab Center for Financial Research.
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While conversations among investors often focus on market volatility, the evidence points in another direction. As of 2/23/2026, the average daily value for the VIX Index sits at 17.5, while the MOVE Index YTD is at 61.9. When viewed against the daily averages for the full years spanning 2000 to 2025, both of these indicators are currently below average. @DataArbor
Tracking provided by @biancoresearch indicates that the Company Guidance Index continues to perform in positive territory. Furthermore, the index is currently sitting at high levels compared to the previous two decades.
According to data from the December @DallasFed survey, a significant portion of industry leadership is aligning future budgets with a specific price window. Nearly 55% of oil company executives indicated that they are factoring in a WTI crude oil price of $60-64.99/barrel while formulating their capex plans for 2026.
Drawing on information from @tradingview, @VisualCap has produced a graphic detailing which organizations control the biggest war chests. The list ranks the top 50 companies based on their cash holdings. This liquid asset metric is defined as the sum of cash and short-term securities, including T-bills, that typically reach maturity within the span of a year.
Fresh data from @Conferenceboard indicates that the Consumer Confidence Index for February rose to a level of 91.2. This performance exceeded the estimate of 87.1 and topped the prior reading of 89.0, which had been revised up from 84.5. Breaking down the details, the expectations component landed at 72.0 against the previous 67.2. Conversely, the present situation reading came in at 120.0, compared to the prior 121.8.
For February, the @RichmondFed Manufacturing Index (blue) decreased to -10. This reading fell short of the estimated -5 and was also down from the -6 reported in the previous month. Diving into the details, shipments dropped to -13 from a prior -5, and new orders came in at -9 versus the earlier -6. Finally, the employment (orange) category shifted to -7 compared to the prior -6.
New data indicates that the February @RichmondFed Services Index has moved down to -10 relative to the previous -6.0. Across the board, key indicators trended lower. Capital expenditures decreased to -9 from the prior -5, and revenues pulled back to -8 compared to the earlier -3. In terms of demand, the reading fell to -3 versus the previous +2. Finally, employment numbers settled at 0, down from the prior +5.
Here are the latest figures for February from @philadelphiafed. The Services Index has decreased to -17.3, down from the previous -4.2. We also saw new orders dip to -9.3 compared to the prior +5.5. On the other hand, prices paid moved up to +40.7 against the previous +34.5, and employment strengthened, rising to +10.6 versus the prior +9.7.
The February @DallasFed Services Index has moved down to -3.2, compared to the prior reading of +2.7.
In December, the S&P Cotality Case-Shiller 20-City Home Price Index, highlighted in blue, grew by +1.38% year-over-year versus the prior +1.42%. The National Home Price Index, shown in orange, also saw an increase of +1.27% y/y compared to the previous +1.43%.
The latest @FHFA House Price Index data for December shows a gain of +0.1% m/m. This outcome falls short of the +0.3% estimate and is down from the +0.7% reported prior.
December wholesale inventories (orange) +0.2% m/m vs. +0.2% prior; wholesale sales (blue) +1.0% vs. +1.4% prior
For the weekly period closing on 2/20/26, @DataArbor reports that global ETFs received the most significant amount of new investment. In contrast, the most substantial decline in funds was observed within U.S. large caps.
The share of equities within each sector that are currently trading at fresh price peaks across different time horizons.
The following data outlines how specific sectors and indexes performed yesterday, including their standing on a Month-to-Date and Year-to-Date basis.
Regarding performance data, we have refreshed the index tables. The Mag7 chart and table have also been updated to cover activity through yesterday's close.
The MA breadth charts have been refreshed to cover market activity leading up to yesterday's close.
Manufacturers participating in the @DallasFed survey expressed significantly reduced confidence regarding capital expenditures throughout February. This shift indicates that the outlook has dropped to its weakest point since April 2025.
The Chicago Fed National Activity Index saw a rebound in January, snapping a streak of five consecutive monthly declines.
The year-over-year trajectory for factory orders remains robust. While the headline figure, depicted in blue, demonstrates greater strength and volatility, the core metric, shown in orange, has remained consistent while showing only minimal growth.
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