Stock market today: Dow, S&P 500, Nasdaq futures tread water with key data, Big Tech earnings on deck
Caterpillar (CAT) reported first quarter earnings that missed Wall Street’s expectations Wednesday, as sales fell across all its segments and demand for construction equipment weakened in the quarter.
The industrial company also laid out two different scenarios for its annual forecast, one accounting for a tariff impact and one excluding that impact.
The forecast that excluded tariffs showed an improvement from its previous outlook, which sent the stock more than 3% in premarket trading.
As for the tariff impact, Caterpillar said it expects $250 million and $350 million in additional tariff-related costs in its second quarter.
As Yahoo Finance’s Dani Romero reported yesterday, construction job openings fell in March as developers hesitated to move forward with new projects since President Trump’s across-the-board tariff announcements. Overall, Caterpillar stock has had a tough year so far and is down 15% year to date.