NEW YORK, December 29, 2025, 19:03 ET — After-hours
- CAT was last down about 0.7% in after-hours trade after a choppy session.
- U.S. stocks ended lower as investors rotated out of heavyweight tech names into year-end.
- A regulatory filing showed CEO Joe Creed received cash-settled phantom stock units under a deferred plan.
Caterpillar Inc (CAT.N) shares were down 0.7% at $578.61 in after-hours trading on Monday. The stock traded between $574.97 and $583.56 during the session, with about 2.6 million shares changing hands.
The heavy-equipment maker is one of the market’s most watched industrial bellwethers, with demand tied to construction, mining and energy projects. That makes its shares a quick barometer for shifts in sentiment on global growth and capital spending.
The timing matters. With just a few sessions left in the year, thinner liquidity can amplify moves in cyclical names, especially when investors rebalance portfolios around big macro calls.
Wall Street’s main indexes ended lower on Monday as investors trimmed exposure to big technology stocks after last week’s run to record highs. Some investors had been hoping for a “Santa Claus rally” — the seasonal stretch where the S&P 500 typically posts gains in the last five trading days of the year and the first two in January — but the market slipped as traders looked ahead to Fed minutes and weekly jobless claims in an otherwise light data week. “It’ll turn out to be a buying opportunity,” said Hank Smith, director and head of investment strategy at Haverford Trust. 1
In company-specific news, a filing showed CEO Joseph E. Creed reported receiving 26 phantom stock units tied to Caterpillar stock in a non-qualified deferred compensation plan. Phantom stock units are bookkeeping units that track the value of shares but, in this case, are set to be settled 100% in cash upon retirement or separation, the filing said. 2
The Form 4 said 13 units were credited at $583 per unit, while 13 were contributed for no consideration under the plan’s terms. Creed reported holding 10,699 phantom stock units after the transaction, according to the filing. 2
Elsewhere in the industrial complex, shares were mixed in after-hours trade, with Cummins down 0.9% and United Rentals off 1.1%, while Deere edged up about 0.3%.
For Caterpillar, traders will keep one eye on rates and one on the tape. Lower yields can support cyclical valuations, but the stock tends to move with expectations for construction activity and heavy-equipment demand.
Before the next session, investors will track a holiday-week calendar that leaves little room for surprises. U.S. stock and bond markets will be open through Wednesday and closed Thursday for New Year’s Day, with several economic releases — including the Fed’s minutes — set to compete for attention in thin trading. 3
Caterpillar also has a dividend milestone on the calendar: the company’s dividend schedule lists an ex-dividend date of January 20 for a $1.51 quarterly payout. 4
The next major company catalyst is expected to be quarterly results in late January. Nasdaq’s earnings page lists January 29 as an estimated report date; investors will be looking for any shift in demand signals across construction and resource end markets, and for management’s tone on pricing and dealer inventories. 5
