Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%) and Nasdaq Composite (-1.5%) continue to sink lower as tech names come under pressure today, while relatively broad strength elsewhere keeps the DJIA (-0.1%) close to its flatline. 

Factory orders jumped 2.7% month-over-month in November (Briefing.com consensus: 0.5%) following an upwardly revised 1.2% decline (from -1.3%) in October. Excluding transportation, factory orders increased 0.2% after declining 0.1% in October. Shipments of manufactured goods slipped 0.1% after increasing 0.1% in October.

The key takeaway from the report is that transportation equipment orders, which are volatile, drove the increase in total factory orders.