Photo: Boonsri Dickinson, Business Insider
The morning’s rally has collapsed after a disastrous Durable Goods report. The monthly decline was the worst in 3 years.But there’s a few things to note: The first is that Durable Goods is famously volatile, so there’s that.
But then beyond that is the fact that all the surveys of manufacturers say things are getting better.
As we noted just this morning: Every single regional Fed manufacturing survey indicated more expansion, both in terms of general business conditions and more orders.
So without more confirming data we’ll be sceptical. And we’ll note that the market is still positive on the day, which suggests that investors, for now, don’t think this is the ‘big one’.