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Economists were expecting February durable goods orders to climb by 3.5%-3.8% but it didn't happen. Transportation orders were the only bright spot in the Commerce Department's report this morning; non-defense aircraft orders rose 88% from January, while defense aircraft and parts orders climbed 29.3%. Overall, durable goods orders climbed 2.5% however ex-transportation, durables actually declined 0.1%, their fourth such decline in five months.

Sources: Bloomberg, MarketWatch
Commentary: Decline is on the Horizon: Why Even The Fed Can’t Save Us NowDelving Into Durables: Yesterday's Overreaction Doesn't Make up for Months of Underreacting
Stocks/ETFs to watch: S&P 500 Index (SPY), Diamonds Trust Series 1 ETF (DIA), iShares Lehman Aggregate Bond (AGG), PowerShares Aerospace & Defense (PPA), iShares Dow Jones US Aerospace & Defense (ITA)

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Source: Durable Goods Orders Come in Below Expectations; Aircraft Orders Recover