Stock futures were mostly flat early, despite another batch of mostly better-than-expected earnings reports. Futures turned lower following the durable goods report.
New orders for long-lasting durable goods fell 1.0% in June, following a 0.8% drop the month before. The June results fell short of the market’s expectation for a 1.0% gain. Monthly fluctuations in durable goods orders are frequent and large. While the two most recent monthly readings are obviously disappointing, the longer-term trend is still upward. Year-over-year, durable goods orders are up nearly 16%, but this will likely be overlooked.
The Federal Reserves’ beige book, which provides a regional snapshot of the economy, is due out at 2:00 pm ET.
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