Today’s main headline grabber will probably be the latest chapter in the Dow 10,000 saga…but there is more out there.
The string of poor US data continues, with Durable Goods Orders growth for July of 0.3% falling short of the 3.0% expectation. Excluding Transportation, Durable Goods Orders fell 3.8% while the market had expected a +0.5% reading.
At 10am US New Home Sales for July were released. The market was cautiously looking for 330k annualized (same as June, and well below the 850k – 1,400k range over 2001 to 2007), but got 276k instead, and the June number was revised lower to 315k as well. The past several months have been the lowest in this data set going back to 1963.