Stock futures were mixed ahead of Wednesday’s open with the S&P 500 and Nasdaq Composite retreating from Tuesday’s record highs but Dow futures two points above fair value as Wall Street reacts to a significantly better-than-expected gain in durable goods orders.
Orders for manufactured goods that last for more than three years soared 4.8% in October, well above expectations for a gain of 1.5%. Excluding transportation orders, durable goods orders increased 1.0% beating estimates for a gain of 0.2%.
Ahead of the first round of today’s economic data, futures were straddling the flat line, taking a breather after another record run with profit-taking weighing on the banking and healthcare sectors.
The heavy economic calendar coupled with pre-holiday trading encouraged a lifeless tone early on as traders brace for the November Federal Open Market Committee minutes and the preliminary purchasing managers manufacturing index for November.