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Stock Futures Slide After Durable Goods Decline


NEW YORK (TheStreet) -- Stock futures were sharply lower on Thursday after durable goods orders slid in August and ahead of a speech from Federal Reserve Chair Janet Yellen after markets close.

S&P 500 futures were down 0.74%, Dow Jones Industrial Average futures fell 0.81%, and Nasdaq futures slid 0.84%.

U.S. durable goods orders dropped 2% in August after a downwardly revised 1.9% increase in July. The drop was as expected, driven by weakened demand for aircraft. Excluding transportation, orders were unchanged but below estimates for a 0.3% increase.

Initial jobless claims edged up 3,000 to 267,000 over the week ended Sept. 19. Economists had expected the number of new claims for unemployment benefits to increase to 270,000.

Also on the economic calendar, new home sales data is due for 10 a.m. EDT. Yellen will cap off the day with a speech at the University of Massachusetts at 5 p.m. Her comments will focus on "inflation dynamics and monetary policy," both of which investors will be keen to...