The U.S. Commerce Department released factory orders data on Monday. Factory orders in the U.S. declined 1.7% in February, in line with expectations, after a 1.2% rise in January. January's figure was revised down from a 1.6% increase.

The drop was mainly driven by a decline in orders for transportation equipment. Orders for transportation equipment plunged 6.2% in February, while orders for machinery slid 3.4%.

Durable goods orders were down 3.0% in February.

Factory orders excluding transportation declined 0.8% in February, after a 0.6% drop in January. January's figure was revised down from a 0.2% fall.