Factory orders dipped 1.3% month-over-month in October—short-term pullback, nothing alarming. But here's what matters: the year-over-year comparison (blue line) stayed resilient. More importantly, that trend has been grinding higher throughout the past year. The momentum shift from last year's weakness is pretty obvious. This kind of resilience in manufacturing orders could signal economic legs are still there, which typically feeds into risk appetite. Worth tracking how this plays into broader market sentiment heading into the final quarter.