Early Update – Mega-Caps Providing Some Support, Cyclicals Weaker.

11:15 a.m. ET Since the A.M. Update, U.S. Factory Orders came in with headline US factory orders rising just 0.3% MoM in May (below consensus +0.8%) following a downwardly revised 0.3% increase (from 0.4%) in April. The print pulled the YoY change into the red (down -1.0% YoY) for the first time since Oct 2020…