Investors have already digested a number of mixed economic reports this week.
"What's truly remarkable about today's data is the amount of divergence in economic performance between producers and consumers in the U.S. We had a bit of positive survey data yesterday on production, but let's be clear: it's been a terrible year for U.S. manufacturing and industrial production," Ben Mandel, JPMorgan Asset Management global strategist, said in the same interview.
The Institute for Supply Management said Monday national factory activity declined for the fourth-straight month in October, but came in slightly above expectations.
"On the other hand, you have a generally positive view for U.S. consumers [and] very solid fundamentals. So, what we're seeing today is exactly that. Factory orders that were relatively weak in September, and we're seeing auto sales shoot the lights out," Mandel said.
U.S. factory orders declined for the second-straight month in September, the Commerce Department said Tuesday, but the U.S. auto industry was on its way to reporting another month of booming sales.
"That economic disparity is one which apparently … the U.S. can keep chugging along," Mandel said.
— Reuters contributed to this report.