Having collapsed by a record 10.4% MoM in March, April factory orders were expected to accelerate even lower and it did. However, the 13.0% plunge in April was modestly better than the 13.4% MoM drop expected... but is still the worst in American history.
Year-over-year, factory orders collapsed 22.3% - the worst since the peak of the financial crisis.
Ex-Transports, orders fell 8.5% - a record drop...
But apart from that, we are sure the stock market knows better!!