New York, March 4, 2026, 15:20 (EST) — Regular session
- After a choppy stretch, Caterpillar shares climb roughly 1.6% in afternoon trade
- Broader U.S. stocks climbed, with investors factoring in war risk from Iran and shifting oil prices.
- Attention shifts to Caterpillar’s CONEXPO events, with Friday’s U.S. jobs report looming.
Caterpillar climbed roughly 1.6% to $733.99 by Wednesday afternoon. Shares kicked off the session at $737.09, bounced between $716.78 and $745.79 during the day.
Caterpillar helped drive the Dow higher, standing out as one of its main boosters. According to MarketWatch, it was Caterpillar and Amazon.com that delivered about 176 points combined—roughly a third of the Dow’s total move.
Markets got a lift after The New York Times reported that Iranian intelligence agents had made indirect contact with the CIA about possible talks. President Donald Trump, meanwhile, laid out measures to stabilize oil prices, according to Reuters. “If people think the war will be short-lived or ‘not an issue’ for the U.S. economy, then the stock market will likely rally,” said Richard Bernstein, chief executive of Richard Bernstein Advisors. Reuters
Fresh data gave buyers a reason to step in. The Institute for Supply Management’s services PMI jumped to 56.1 in February—the strongest reading since July 2022. Meanwhile, ADP reported private payrolls up by 63,000, according to Reuters. “The U.S. economy is off to a decent start and its resilience should help it overcome turbulence from the Iran war,” said Sal Guatieri, senior economist at BMO Capital Markets. Reuters
Caterpillar wants the spotlight on construction sites, not headlines about global tensions. At CONEXPO-CON/AGG in Las Vegas, the company is playing up tech and services aimed at easing labor shortages and shrinking project timelines. Think Cat AI Assistant, plus the new Cat Rentals and Cat Compact lines. “As jobsites become more complex, we’re rapidly innovating to simplify how our customers operate and grow — at any scale,” said CEO Joe Creed, who’s set to deliver a keynote Wednesday at 1 p.m. PST. https://www.caterpillar.com/en.html
The Industrial Power Systems division plans to roll out its new 173-horsepower C3.6 engine alongside the C13D platform at the event. Both are built to comply with EU Stage V and U.S. EPA Tier 4 Final emissions standards. “Given that internal combustion engines remain the dominant power solution across global jobsites; we continue to strategically invest in advanced diesel engine technologies,” said Steve Ferguson, senior vice president of Caterpillar Industrial Power Systems. Cat
Caterpillar spotlighted workforce concerns Wednesday, warning that its dealers could require upwards of 38,000 new technicians worldwide by the close of 2028. The company also pointed to its “Building the Future Workforce” push, which will roll out in spring 2026. “As global infrastructure demand increases, access to skilled technicians and operators is a critical issue for our industry,” Creed said. https://www.caterpillar.com/en.html
Oil kept markets guessing. Brent crude added roughly 0.4% to reach $81.71 a barrel, while U.S. crude climbed 0.7% to $75.12 in the afternoon, Reuters said, as shipping delays at the Strait of Hormuz dragged into a fifth day. “While flows through the Strait of Hormuz remain disrupted, market participants seem to expect a de-escalation of the conflict and a resumption of oil flows,” UBS analyst Giovanni Staunovo said. Reuters
The downside risk isn’t far off. Back in January, Caterpillar flagged that tariff-related expenses could hit $2.6 billion in 2026. Jefferies’ Stephen Volkmann pointed out that even with solid sales, tariff headwinds have been capping margin growth. If the conflict drags on and keeps energy prices elevated, demand for expensive equipment could take a hit, squeezing valuations for cyclicals.
Coming up, Creed joins Construction Industries chief Rod Shurman for a Jefferies-led fireside chat at 8:00 a.m. PST on Thursday. Investors can catch the live webcast via Caterpillar’s investor site. Then Friday, March 6, brings the U.S. government’s latest monthly employment report.
