Ahead of the Tape
[Today's Market Forecast]</br></br>Out of Order</br></br>Investors carp that the world has entered an era of low returns. Companies are acting as if they share this view.</br></br>Even though it is five years since the tech bubble began deflating and three years after the brunt of uproar over corporate misbehavior bore down upon them, executives are still playing a conservative game. Despite brimming coffers and a generous financing environment, both spending on new equipment and hiring have lagged behind expectations.</br></br>Today's Commerce Department report on durable-goods orders in May should give some indication of the pace of business spending. The aspect of the report economists will focus on will be nondefense capital-goods orders excluding aircraft, which provides a good reading on what companies are spending on things like computers and backhoes.