US open: Stocks in the red as US durable goods orders slide
Updated : 15:32
US stocks slid after a report showed durable goods orders fell more than forecast in August.
US durable goods orders declined 18.2% in August following a 22.5% increase in July, more than the 18% dip expected by analysts. The drop was led by few aircraft related orders.
“Stripping out the aircraft related volatility, the underlying strength in capital goods orders and shipments in August indicates that business investment in equipment continues to expand at a healthy pace in the third quarter,” Capital Economics said.
Another report showed jobless claims in the week to 20 September came in at 293,000 following 281,000 claims a week earlier. Analysts predicted 296,000 claims.
US data on Friday is forecast to show gross domestic product grew 4.6% in the second quarter, more than the previous estimate of 4.2% released 28 August.
In corporate news Apple slumped as it withdrew an update for the iPhone operating system after the new software caused some users to lose cellular service.
Jabil Circuit gained after forecasting quarterly earnings that beat analysts’ projections.
West Texas Intermediate crude futures rose 0.26% to $93.05 per barrel, according to the ICE.
The US 10-year yield dropped four basis points to 2.52%.