NEW YORK, December 29, 2025, 13:36 ET — Regular session
- Caterpillar shares were down 0.9% in early afternoon trading, tracking a softer tape for industrial names.
- SEC filings showed CEO Joe Creed and a top executive were credited phantom stock units under a deferred-compensation plan.
- Investors are watching Fed minutes and jobless claims in a holiday-shortened week.
Caterpillar Inc shares fell 0.9% to $577.85 in early afternoon trading on Monday after opening at $580.09. The stock has traded between $574.97 and $583.56 so far, with about 876,000 shares changing hands.
The heavy-equipment maker is often treated as a bellwether — a signal stock for the industrial economy — because it is tied to construction, mining and energy investment. That makes it a frequent touchpoint for the “cyclical” trade, meaning stocks that tend to rise and fall with economic growth.
U.S. stocks were softer as a pullback in tech and AI-linked names cooled last week’s rally, and holiday-thinned volumes kept price moves choppy. “This is (not) the beginning of the end of the tech dominance, it’ll turn out to be a buying opportunity,” said Hank Smith, director and head of investment strategy at Haverford Trust. Investors are watching Federal Reserve meeting minutes and weekly jobless claims later this week, with U.S. markets shut on Thursday for New Year’s Day. 1
The Industrial Select Sector SPDR Fund was down about 0.3%. Deere was off about 0.1%, United Rentals slid about 1.1% and Cummins fell about 0.7%.
A regulatory filing showed Chief Executive Officer Joseph E. Creed was credited with 26 “phantom” stock units on Dec. 26 under Caterpillar’s non-qualified deferred compensation plan, with half of the units recorded at $583 apiece. The filing was signed on Monday. 2
In a separate Form 4 filing, Group President Jason E. Kaiser reported 13 phantom stock units credited under the same type of plan on Dec. 26, including units recorded at $583. 3
Phantom stock units track the value of common shares but are typically settled in cash, rather than delivered as stock, when an executive retires or leaves the company. Because the awards are part of compensation plans, traders often treat them differently from open-market insider buying.
Caterpillar’s day-to-day moves can still matter in late-December trading, when liquidity is lighter and investors are adjusting positions into year-end. Even modest shifts in rate expectations or commodity demand can show up quickly in industrial bellwethers.
For Caterpillar, investors typically focus on customer demand signals such as dealer inventory changes, mining and energy spending, and how financing conditions affect equipment purchases. Any signs that rates stay higher for longer can pressure big-ticket buying decisions.
Beyond macro, traders also watch Caterpillar’s cash returns heading into the new year. The company’s next quarterly dividend of $1.51 a share is set to go ex-dividend on Jan. 20 and will be paid on Feb. 19, according to its investor website. 4
Caterpillar manufactures construction and mining equipment along with engines, turbines and locomotives, and also provides financing through its Financial Products unit. That mix often makes the stock a barometer for broader industrial activity. 5
