Here come factory orders ...

The Commerce Department will release the latest data on factory and durable goods orders at 10 a.m. ET.

Economists forecast that new orders for manufactured goods in May fell 0.8% after a 1.9% gain in the prior month, according to Bloomberg.

An advance reading on durable goods orders showed that they fell 2.2% in May, and 0.3% excluding transportation orders, which can be quite volatile month-to-month.

“The May durable goods report released on June 24 reinforced the persistent deteriorating trend in business investment spending in place even before the UK referendum,” wrote Morgan Stanley’s Ellen Zentner in a note.

“Core capital goods orders fell another 0.7% in May and are now down a cumulative 11.7% since peaking in September 2014. Business investment fell 2.1% in 4Q15 and 4.5% in 1Q,and we see 2Q on track for a 2.3% drop. Three straight drops in investment like that have also only been observed historically outside of recessions in 1986 and 1951.”

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