Factory Orders Beat Consensus
It’s been a slog this first session of the week that culminates with the jobs report on Friday. The biggest data today on factory orders came in +1.2% month to month, bettering the consensus of +1.0% as transportation improved +6.2% driven by 69.8% surge in civilian aircraft and +62.2% pop in defense aircraft orders.
This is more hard data pointing in the right direction, but it is not the news that gets the market out of its newfound sideways rut.
Still, the major indices are holding up well enough, and there could be a late surge. I have no clue what would spark it other than the knee-jerk reaction that’s has been automatic in 13 of the past 14 sessions.
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