New York, Feb 3, 2026, 20:05 EST — Market closed
- CAT climbed 1.7% to $702.89, hitting a new 52-week high despite major indexes sliding lower
- Volume exceeded recent averages, extending the post-earnings rally
- A Form 4 revealed that a Caterpillar group president exercised options and offloaded shares
Caterpillar shares ended Tuesday at a record high of $702.89, up 1.73%, after hitting an intraday peak of $710. With U.S. markets now closed, the key question is whether the stock can maintain the $700 level when trading resumes Wednesday. (MarketWatch)
This move is significant since Caterpillar has become a crowded trade on two fronts: heavy equipment demand and the surge in data center spending. At current levels, even minor rate changes or trade chatter can quickly sway sentiment.
Macro factors remain central. The usual U.S. jobs report, which typically guides rate expectations this week, has been postponed due to a partial government shutdown. Traders are now relying on fewer, less clear indicators. (Investopedia)
Caterpillar’s January earnings continue to show strength. The company linked stronger demand to data-center clients buying “prime power” systems—large generators designed for continuous operation—while flagging tariff-related costs that could hit $2.6 billion in 2026. “Better-than-expected sales across business segments were hindered by tariff headwinds,” Jefferies’ Stephen Volkmann noted in a report. (Reuters)
Following the update, a few firms have embraced the bullish outlook. Truist Securities bumped up its price target on Caterpillar to $786 from $729 on Monday, maintaining a buy rating, according to Investing.com. (Investing)
A separate regulatory filing came out as the stock climbed. According to a Form 4 submitted to the U.S. SEC, Caterpillar Group President Bob De Lange exercised 20,512 options and sold 15,977 shares at a weighted average price of $682.99 on Feb. 2. (SEC)
The “but” is right there. Tariffs show up as a cost issue, not a big headline, unless margins start to slip — and Caterpillar has already warned investors about pressure this year. If data-center expansions slow or dealer orders dip, those fresh stock highs won’t hold up much longer.
Looking ahead, rates and inflation data remain crucial for cyclical stocks such as Caterpillar, despite the uncertainty around the jobs report. The Bureau of Labor Statistics has scheduled U.S. CPI for January on Feb. 11, a release that could shift the mood for industrials. (Bureau of Labor Statistics)
The next major date to watch is earnings season. Caterpillar plans to report its results on April 23, per Investing.com’s earnings calendar. (Investing)
Traders will be keeping an eye on whether CAT continues to close at fresh highs as the broader market remains unsettled — and if any changes in trade policy move beyond “manageable” into figures that impact guidance.
