Shares of Caterpillar Inc. (CAT) fell 2.7% to pace the Dow Jones Industrial Average’s premarket decliners Wednesday, following fellow construction equipment maker Deere & Co.’s (DE) disappointing full-year outlook.
The implied price decline of Caterpillar’s stock would shave about 44 points off the Dow’s price, while Dow futures (YM00) rose 28 points, or 0.1%, ahead of the open and S&P 500 futures (ES00) gained 0.2%. Deere’s stock slumped 5.7% in the premarket, after the company reported earlier fiscal fourth-quarter results that beat by wide margins but provided guidance for fiscal 2024 net income that was well below Wall Street forecast. Caterpillar’s stock has gained 4.1% year to date through Tuesday while Deere shares have lost 10.8%. The S&P 500 has advanced 18.2% this year.