The headline durable goods orders data released yesterday showed a surprising bounce after multiple soft prints in prior readings. However, a closer look at the figures showed that the number ex-transportation continues to slump, contracting for almost 5-straight months as economic activity remains below-trend. Capital expenditures continue to bear the brunt of the losses in the numbers, in-line with developments already evident in large corporations which have reduced investment and spending on longer-term assets. Despite the stronger headline figures which saw core durable goods orders rise 0.80% and the regular figure inclusive of transportation and defense grow 3.40%, stocks continued to give ground with the S&P 500 breaking a critical uptrend line that has been intact since the depths of the last financial crisis. This could indicate the beginning of a larger correction and reversal lower in the US benchmark ahead of the perception of upcoming monetary policy tightening.