U.S. durable goods orders plunged a staggering 5.2% M/M in January, following the downwardly revised 4.6% M/M drop in December (previously reported as -2.6% M/M). This was the fifth consecutive monthly drop in this indicator, and was well over twice the 2.5% M/M drop expected by the markets. Excluding transportation, the decline was a more modest 2.5% M/M, which was more or less in line with the market expectations for a -2.2% M/M print.