Durable goods orders fell 1.7% in February, worse than the forecast of a 0.7% rise. Ex-transportation, orders slipped 2.6%, well below the forecast of a 0.3% decline. Machinery orders fell 13.3%, while nondefense capital goods orders ex-aircraft, an indicator of business spending, was down 2.6%.
New home sales fell 1.8% in February to 590,000, above the forecast of a decline to 578,000 but the lowest in 13 years. Year-over-year, new-home sales were down 29.8%.
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The Dow Jones Industrial Average fell 110 points (0.9%) to close at 12,423, the S&P 500 Index dropped 12 points (0.9%) to 1,341, and the Nasdaq Composite retreated 17 points (0.7%) to 2,324. Crude oil spiked $4.68 to $105.90 per barrel, and gold ended up $15.10 to $950.10 per ounce.
Magnificent Seven Update
