The U.S. Commerce Department released factory orders data on Tuesday. Factory orders in the U.S. declined 0.4% in April, missing expectations for a flat reading, after a 2.2% gain in March. March's figure was revised up from a 2.1% rise.

The drop was driven by lower orders for durable goods, which declined by 1.0% in April.

Non-durable goods orders were up 0.2% in April.

Orders for transportation equipment plunged by 2.4% in April, after a 15.1% rise in March.