U.S. durable goods orders likely to have dropped in July

The U.S. durable goods orders had risen in June. The headline reading was tilted to the upside by the notoriously volatile aircraft component, which increased the monthly gain to 6.4 percent in June. Boeing orders dropped in July, which implies headline durable goods orders growth would possibly follow suit, noted Wells Fargo, in a research report.

Stripping transportation, orders grew 0.2 percent in June while the print for May was upwardly revised to 0.6 percent. Core capital goods, excluding aircraft, dropped 0.1 percent after a solid May gain. Core goods shipments were also weakened in June, and both were running at the weakest three-month annualized pace of 2017. Looking beyond the aircraft component, factor sector conditions have been greatly stable in recent months. According to Wells Fargo, the durable goods orders are expected to have dropped 6.1 percent in July.

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