The U.S. Commerce Department released factory orders data on Wednesday. Factory orders in the U.S. rose 0.4% in July, missing expectations for a 0.9% gain, after a 2.2% increase in June. June's figure was revised up from a 1.8% rise.

The increase was driven by a rise in orders for motor vehicles, which jumped 4% in July, the largest rise since July 2014.

Durable goods increased by 2.2% in July, while orders for nondurable goods dropped 1.3%.