U.S. stocks appear set for a lackluster open after a report showed durable-goods orders unexpectedly fell during the month of August, due mostly to a sharp drop in demand for commercial aircraft. The Commerce Department reported that manufacturer’s orders for long-lasting goods dropped 2.4% in August, after increasing a revised 4.8% in July. The consensus ranged from a 2% drop to a 2.4% increase.
Orders for commercial aircraft, a volatile category, plummeted 42.2% in August after nearly doubling in July. Excluding aircraft and other transportation goods, orders were flat, but still below analysts’ expectations of a 0.5% rise.
The University of Michigan is set to issue a revised version of its consumer sentiment survey around 10:00 am. Also at the same time, new home sales data for August will be released.
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