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<h3>NEW ORDERS FOR DURABLE GOODS: AIRPLANES PROVIDED THE LIFT IN NOVEMBER</h3>
Investors who went digging through the snow for economic data on Monday yielded some data, but the report was staler than last week’s bread.
New orders for long-lasting, U.S.-made goods (USGDN=ECI) surged by 5.3% in November, breezing past the 3.2% increase analysts expected and marking a robust rebound from October’s 2.1% drop.
But don’t get too excited; the volatile commercial aircraft segment provided most of the muscle.
Drilling down into the Commerce Department’s report - which covers everything from toaster ovens to attack drones - the upside surprise is largely attributable to a 97.6% surge in new orders for commercial planes. Remove all transportation-related items, and new orders would have increased by a less impressive 0.5%.
A 14.3% drop in defense-related capital goods held the headline in check; excluding defense, the increase would have been 6.6%.
Communications and computer-related equipment rose by 4.8% and 3.8%, respectively, while cars/car parts softened by 0.5%.
“There is nothing wrong here, but there is nothing particularly great, either,” writes Carl Weinberg, chief economist at High Frequency Economics. “Even though this report is not so hot, we do not see a case for the Fed to rush to cut rates in these data. All evidence suggests that aggregate demand is booming, growing faster than potential output, driven by consumer spending.” New orders for core capital goods - which excludes aircraft and defense items and is considered a barometer of U.S. corporate capex plans - posted a 0.7% gain, stronger than the 0.3% consensus, which would have been a repeat of the prior month’s downwardly revised increase.
“We see scope for robust AI-related capital spending and a broadening of investment beyond AI to support stronger durable goods activity in 2026,” says Oren Klachkin, market economist at Nationwide. “While uncertainty has stayed high in early 2026, we expect a moderation this year to support capital spending as well.”
(Stephen Culp)
<h3>EARLIER ON LIVE MARKETS: WALL STREET STARTS WEEK HIGHER WITH SOME TOP TECH NAMES RISING CLICK HERE THE FED’S QUIET ‘HOLD’ TO MEET A NOISY ECONOMY CLICK HERE US ENERGY MAJORS COULD OUTPERFORM THEIR EUROPEAN PEERS - RBC CLICK HERE GOLD/SILVER RATIO’S SHOCKING SLIDE AS TRADERS SKITTISH CLICK HERE EM EQUITIES OUTPERFORMANCE STILL HAS LEGS - JPM CLICK HERE BUOYANT MARKETS POINT TO STRONGER LUXURY DEMAND, UBS SURVEY FINDS CLICK HERE BEFORE THE BELL: EUROPE STEADY AS EARNINGS RAMP UP CLICK HERE YEN’S WILD RIDE HAS MARKETS NERVOUS CLICK HERE MATERIALS INDEX CLOSING IN ON 18-YEAR HIGH CLICK HERE</h3>
Early market snapshot
<img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/dwpkqmxxmpm/Pasted%20image%201769440157188.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="356" height="336" original-src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/dwpkqmxxmpm/Pasted%20image%201769440157188.png"/>
New orders for durable goods
<img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/jnpwkommxpw/durgoods.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="598" height="375" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/jnpwkommxpw/durgoods.png"/>
New orders for core capital goods and cap goods manufacturers
<img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/gdpzjgxxwpw/corecap.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="599" height="376" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/USA-STOCKS/gdpzjgxxwpw/corecap.png"/>

Main US indexes showed modest gains, with the S&P 500 and Nasdaq leading. New orders for durable goods surged by 5.3% in November, driven primarily by a 97.6% increase in commercial aircraft orders. Excluding transportation, the increase was only 0.5%. Core capital goods orders rose by 0.7%, surpassing expectations. Economists suggest robust capital spending, particularly in AI, may support durable goods activity in 2026, despite current uncertainties.

- US indexes showed modest gains, with the S&P 500 and Nasdaq leading the charge.  
- New orders for durable goods surged by 5.3% in November, largely driven by a 97.6% increase in commercial aircraft orders, although a 14.3% drop in defense capital goods tempered the overall results.  
- Analysts suggest that while there is strong consumer spending, the Federal Reserve is not likely to cut rates quickly, with expectations of increased capital spending in AI-related sectors.

Reuters

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LIVE MARKETS-New orders for durable goods: Airplanes provided the lift in November