Stocks took a dip after the September durable goods orders fell 1.2 percent, while Briefing.com had expected a decline of 1.3 percent.
The S&P 500 was down 7 points to 2,063, the Dow Jones Industrial Average fell 67 points to 17,555 and the Nasdaq dropped 9 points to 5,025.
Asian markets were mostly lower with only China’s Shanghai Composite up just .1 percent. Europe also traded to the downside as the U.K. GDP, while up .5 percent, was lower than the anticipated .6 percent.
Coach shares were moving higher by 6 percent to $32.37 after the company delivered a higher quarterly profit, but on reduced sales. First quarter profits came in at $96.4 million or 35 cents a share, lower than last year’s $119.2 million or 43 cents per share. Earnings were 41 cents per share, beating the estimate of 40 cents a share. Coach boasted of double-digit increases in Europe and Mainland China. North America sales slid 11 percent as the company cut back on outlet e-commerce promotions. It was the slowest fall in quarterly sales in more than 2 years.
Chinese online retail giant Alibaba stock is surging over 8 percent in early trading to $82.45 after the company beat expectations on its second-quarter earnings. Revenue rose 32 percent to 22.17 billion yuan or $3.49 billion. Analysts were expecting $3.35 billion. Mobile revenue was especially strong and accounted for 61 percent of the total retail revenue. It more than doubled to 10.52 billion or $1.66 billion. Alibaba stock has declined dramatically on fears that the Chinese consumer would be hurt by the turmoil in the stock market. Year-to-date the stock has fallen 26 percent, but in the last month it has staged a comeback and crawled back 33 percent.
Simon Properties Group reported strong third-quarter earnings results. The mall-based real estate group delivered revenue of $1.32 billion, higher than the analyst estimate of $1.25 billion. Funds from operations came in at $918.7 million or $2.54 a share, also beating the expectation of $2.46. Simon said it broke ground on two new outlet centers. The company raised its dividend to $1.60 per share, making it the fourth consecutive quarter the dividend was increased. Guidance for the full year was raised to a range of $10.10 to $10.15 per diluted share. The stock was up 25 cents to $203.62.