The U.S. Commerce Department released factory orders data on Thursday. Factory orders in the U.S. declined 1.0% in May, missing expectations for a 0.5% fall, after a 0.7% decrease in April. April's figure was revised down from a 0.4% decline.

The drop was driven by lower orders for durable goods, which declined by 2.2% in May.

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

Orders for transportation equipment plunged by 6.5% in May.