Futures Fall on Durable Goods Data

This morning, the Commerce Department released data showing orders for durable goods "plunged by the largest amount in two years as manufacturing was battered by overall economic weakness." The 6.2% drop was more than twice what was expected. Additionally, the jobless claims were 14,000 less than previously thought, projected to be 529,000 for this week, but the four-week moving average of new jobless claims--which is a better gauge-- is at 518,000, its highest since January 1983. Futures have fallen, after the Dow and S&P 500 managed made small gains while the Nasdaq fell 0.5% yesterday. The AP explains, "The stock market is coming off of three sessions of gains, so some giveback, especially with disappointing data, is to be expected."