Stock Market Update

The stock market is on track for a lower opening this morning as hope for a ceasefire between the U.S. and Iran fades amid escalating attacks.

Durable goods orders decreased 1.4% month-over-month in February (Briefing.com consensus: 0.5%) following a downwardly revised 0.5% decline (from 0.0%) in January. Excluding transportation, durable goods orders increased 0.8% (Briefing.com consensus: 0.5%) following a downwardly revised 0.3% increase (from 0.4%) in January.

The key takeaway from the report is that the weakness in February was concentrated largely in transportation and capital goods orders. Otherwise, order activity was decent, highlighted by a 0.6% increase in new orders for nondefense capital goods, excluding aircraft—a proxy for business spending.