Futures were higher ahead of release of this morning’s economic reports.
New orders for long-lasting U.S. manufactured goods unexpectedly dropped in March as orders for new aircraft dropped 67%. The Commerce Department said durable good orders fell 1.3%, following an upwardly revised 1.1% gain in February. However, new durable goods orders, excluding transportation, jumped 2.8%, the largest rise since December 2007, after increasing 1.7% in February. Analysts had expected new orders excluding transportation to rise 0.7%.
A report on new home sales in March is due after the market opens. Economists anticipate a seasonally adjusted annual sales rate of 330,000 units in March, up from 308,000 in February.
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