The numbers: Durable-goods orders fell 0.4% in September, after a 1.3% rise in the prior month, the Commerce Department said Wednesday. Economists surveyed by the Wall Street Journal were expecting a 1% decline. This was the first decline after four straight gains.
Orders for “core” durable goods were up 0.8% in September after a 0.5% gain in the prior month.
Key details: Much of the weakness was in autos and aircraft. Excluding transportation, durable-goods orders were up 0.4% after an 0.3% gain in August.
Big picture: The pickup in “core” orders, a proxy for business investment, is a good sign for the factory sector. There was a concern that orders might be tailing off after a strong post-pandemic rebound.
Market reaction: Stocks
were set to open lower Wednesday after a record-setting session.