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Futures Down Ahead of Durable Goods Report

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U.S. stock futures are under pressure ahead of new data expected to show that businesses eased back on big-ticket purchases last month, as well as a report Friday that revealed a drop-off in new home purchases.

Dow Jones industrial futures are down 22 points to 14,696. S&P futures have given up 1.9 points to 1,659.50. Nasdaq futures are down a point at 3,120.25.

Economists expect the Commerce Department to report Monday that orders for durable goods dropped 3.7 percent in July. Orders rose 3.9 percent in June thanks in part to strong plane orders.

Economists were caught off guard Friday when the government reported a sharp decline in new home sales, revealing the chilling effect that higher mortgage rates are having on a hot housing market.

[Associated Press]

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