From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 2/11/2026
U.S. equities opened higher Wednesday but have since plummeted in early trading. Stocks were initially trading higher after a better-than-expected jobs report. The DJIA finished at a record high on Tuesday, while both the S&P 500 and Nasdaq ended the day lower.
The January employment report showed that job creation was solid to start the year. Nonfarm payrolls increased by 130,000, outpacing December’s revised 48,000 gain. The unemployment rate declined to 4.3%, while the broader U-6 measure fell to 8%. Average hourly earnings rose 0.4% for the month and 3.7% over the last year, down from 3.8% the previous reading.
Mortgage activity remained relatively flat, with total mortgage applications dipping 0.3% from the previous week. Refinancing applications increased 1%, while purchase activity declined 2%. The average contract interest rate for conforming 30-year fixed-rate mortgages was unchanged at 6.21%.
Subscribe to our daily From the Desk newsletter to get economic commentaries and updated market rates sent directly to your inbox.
Subscribe Here