April 24, 2013-Stocks Lose Ground on Weak US Data Looking to Test Support

After pointing to a higher open earlier in the morning, stock futures have given back ground following some disappointing economic data. The major index futures are currently pointing to a mixed open for the markets. While the Dow futures are up by 9 points, the Nasdaq futures are down by 3 points. The Commerce Department recently released a report showing a much steeper than expected drop in durable goods orders, adding to recent concerns about the outlook for the manufacturing sector. The report showed that durable goods orders tumbled by 5.7 percent in March following a revised 4.3 percent increase in February. Economists had expected orders to drop by 2.8 percent. Excluding a sharp drop in orders for transportation equipment, durable goods orders still fell by 1.4 percent in March compared to a 1.7 percent drop in February. The disappointing data has offset positive sentiment that was generated by better than expected earnings news from big-name companies such as Ford (F) and Boeing (BA).