Posts per page

Hi all, is there a way to…

I’ve got a sort of daily blog with a couple of different categories, “Daily Update” and “Breaking News”

What I’d like for it to do (on the homepage) is only list ONE “Daily Update” but several “Breaking News” items (if there are any).

I realize I can set the number of posts per page, but I’d really like it broken down so that viewers are only seeing the most recent events.

Many thanks!