On a positive note, U.S. factory orders rose more than expected in May, posting the largest number in nearly a year. The Commerce Department reported that total orders rose by 1.2% in May, beating the 0.8% forecast by economists. This increase reflected a 1.8% jump in demand for durable goods and a 0.7% increase in non-durable goods. Despite the encouraging news, the Industrial Select Sector SPDR (XLI) was down 2.6% in intraday trading.
Overall the markets are fairly quiet this morning, perhaps traders and investors are gearing up for 4th of July – the markets are closed tomorrow. The Dow Jones Industrial Average is down about 2%, the S&P 500 dropped nearly 2.2% and the Nasdaq declined by about 2.4%.
For more stories on industrials, visit our industrial category.
Kevin Grewal contributed to this article.
