Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-0.7%), and DJIA (-0.9%) are charting session lows as the early weakness now encompasses the majority of the broader market, leaving only the energy sector (+0.1%) in modestly positive territory. 

Factory orders increased 0.1% month-over-month in January following an upwardly revised 0.4% decline (from -0.7%) in December. Excluding transportation, factory orders increased 0.4% after increasing 0.6% in December. Shipments of manufactured goods rose 0.5% after increasing 0.7% in December.

The key takeaway from the report is the tepid level of business spending in January, evidenced by the 0.1% increase in new orders for nondefense capital goods excluding aircraft.