In other news, the World Trade Organization (WTO) has ruled that China can impose up to $3.6 billion in retaliatory tariffs on American goods for imposing anti-dumping duties on Chinese goods.
Meanwhile, U.S. factory orders for all goods declined by 0.6 percent in September according to Commerce Department. Orders for durable goods (goods expected to last at least three years) fell by 1.4 percent.
Finally, global manufacturing has contracted for the sixth straight month.
Global manufacturing shrank for a sixth straight month in October as new export orders extended their longest downturn since 2002. At the same time, output and orders firmed in a sign factory activity is stabilizing.
The JPMorgan Global Manufacturing Index stood at 49.8 after the prior month’s 49.7 -- the third consecutive monthly improvement after bottoming in July. The new orders gauge reached a neutral point after shrinking the previous five months.