Caterpillar Slips, Drags Down Dow as AI Rally Gets Tested
Caterpillar shares plunged 6.2% to $858, erasing recent gains and dragging the Dow lower, as investors dumped industrials on inflation, rate, and geopolitical fears; all eyes now turn to whether Caterpillar’s record $62.7 billion backlog and surging AI-linked power demand can withstand rising tariff costs ahead of August’s Q2 results.