For the first time since June 2016, Durable Goods Orders fell in May for the second month in a row...

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Core Durable Goods Orders tumbled after surging for 3 straight months...

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And everyone's favorite proxy for Capital Spending (Capital Goods New Orders Non-defense, Ex-Aircraft & Parts) fell 0.2% MoM (against expectations of a 0.5% MoM gain) - not a good sign for the tax cut plan.

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And all of this happened with a 21.1% surge MoM in Defense aircraft orders (and 7.0% plunge in non-defense aircraft orders)...

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Finally, we note that it appears to 'different this time' as the stock market is perfectly willing to ramp higher and higher despite being completely decoupled from the underlying economy...

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Probably nothing.