Stock futures climbed ahead of the opening bell, despite a disappointing looking headline durable goods orders number. The Commerce Department said durable goods orders dropped 1.3% after a revised 0.7% increase in July. Expectations were for a 1.0% decline from the previously reported 0.4% rise. Excluding transportation, orders rose by a more-than-expected 2.0% after falling by a revised 2.8% in July, previously reported as a 3.7% fall. It was the largest rise since March. Expectations were for a 1.0% rise in orders excluding transportation.
A separate report from the Commerce Department is expected to show sales of new homes rose last month after touching the lowest level on records dating back to 1963 in July. Economists forecast sales rose 5.1 percent to an annual rate of 290,000. A separate report released yesterday showed existing home sales rose last month. There are no other reports due today.
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