US durable goods orders data due at the bottom of the hour
The prior two months of durable goods orders include a quick jump (+6.4%) and then an even harder far (-6.8%). That was due to some lumpy aircraft orders but that skew should be over now and the consensus is for a +1.0% reading.
The line to watch is capital goods orders non-defense ex-air, which are forecast to rise 0.3% after a 1.0% prior climb.
What might be interesting in the months ahead is if companies hold back capital spending. Yesterday Trump promised to allow companies to write off capital expenditures for five years. That’s the kind of thing that will make executives hold off on capital spending until they get some clarity.