Not great economic data weighs on investors

Durable goods orders fell for the second month in a row, falling 1.3 percent in September, after a sharp drop of 3 percent in August. The strong dollar is indeed a drag on manufacturers doing business abroad. 

However, auto orders bucked the trend and were up 1.8 percent keeping auto makers on track for a record year. On the services side, the service sector PMI dropped to a nine month low of 54.4 from 55.1.  However, anything over 50 is considered expansion.  And, finally, despite the ultra-low gas prices, consumer confidence took a dive to a reading of 97.6 from 102.6 in September.

"All in all, not great data but not terrible either. And certainly not enough to provide true direction to the markets because as we know negative news is often interpreted positively inviting more central bank stimulus", says Voya Global.