Key Takeaways Housing Starts & Building Permits Outperformed in DecemberThis Morning's Econ Data Is Delayed from the Government ShutdownDurable Goods, Also Delayed, Surpassed Expectations, As WellWednesday, February 18th, 2026As we work through the “back-9” of Q4 earnings season, we give way to prominent economic prints this holiday-shortened trading week. Particularly the latest Personal Consumption Expenditures (PCE) report, which we’ll have to wait for until Friday morning. This morning, Housing Starts f ...

Group 1 - The software sector is experiencing a decline in valuations and multiples, indicating that the high valuations previously seen are no longer sustainable [1][2] - There is a shift towards more fundamentally driven businesses with lower multiples, which may benefit index investors [4] - The economic environment is stabilizing, with inflation decreasing and growth remaining decent, suggesting a potential soft landing for the economy [4][5] Group 2 - Certain sectors, such as banking, are expected to benefit from tailwinds like deregulation and capital relief, contrasting with the challenges faced by the software sector [3] - Assets are not currently priced for significant reacceleration, and cyclicals are not reflecting high multiples that would be expected in a growth scenario [6] - The stabilization of the economy is likely to support assets that are not in a recessionary environment, countering previous fears of inflation spikes [7]