In June, US manufacturing orders saw a sharp decline of 3.3% compared to May, surpassing economists' expectations of a 3.2% drop. The previous month experienced a smaller decrease of 0.5%, according to the US Department of Commerce.

Durable goods orders fell by 6.7% in June, a slight revision from the initially reported 6.6% decrease. Excluding defense, orders decreased by 3.4%, while orders excluding transportation edged up by 0.1%.

JP Morgan anticipates a 50 basis point interest rate cut in September.