Stock Market Update

The stock market remains on track for a higher open to start the week, supported by a sharp slide in oil prices amid a pause in hostilities in the Middle East.

Durable orders rose 0.3% month-over-month in June (Briefing.com consensus 2.0%) after an upwardly revised 4.0% decrease (from -4.5%) in May. Excluding transportation, durable goods orders were up 0.6% month-over-month (Briefing.com consensus 0.9%) after increasing an upwardly revised 1.8% (from 1.3%) in May.

The key takeaway from the report is that the headline miss masked upward revisions to readings from May and concealed a 0.9% increase in new orders for nondefense capital goods excluding transportation, which is considered a proxy for business spending. On a year-over-year basis, these orders are up 9.3%.