Durable Goods Orders
This morning’s sole economic report was May's Durable Goods Orders at 8:30 AM ET. The Commerce Department announced a 1.3% decline in new orders of products such as airplanes, appliances and electronics. That was a larger decline than expected, making the headline number good news for bonds and mortgage rates. However, a secondary reading that excludes more volatile and costly transportation-related orders came in stronger than expected. Because this is considered to be a fairly highly important report, it has had a negative impact on trading this morning.