NEW YORK, Jan 19, 2026, 14:31 EST — Market closed.
- Caterpillar ended Friday’s session at $646.89, showing little movement.
- U.S. stock futures dropped following President Donald Trump’s threat to impose new tariffs on eight European countries.
- Investors are eyeing Caterpillar’s Jan. 29 earnings for insights on demand trends and the impact of tariff expenses.
Caterpillar Inc (CAT.N) shares face pressure ahead of Tuesday’s U.S. open, as risk appetite falters following President Donald Trump’s threat to impose new tariffs on imports from eight European nations. Futures for the S&P 500 and Nasdaq tumbled over 1.2%, pointing to a rough start when trading begins. 1
Wall Street remains closed Monday for Martin Luther King Jr. Day, giving investors a pause to mull over weekend tariff news without any U.S. stock trading. 2
Caterpillar shares ended Friday at $646.89, slipping roughly 0.04% from Thursday’s close, per Nasdaq data. 3
Caterpillar is gearing up to announce its fourth-quarter and full-year 2025 results at 5:30 a.m. CST on Thursday, Jan. 29. The company will provide the report via a Form 8-K filing. 4
Timing is crucial here, since investors often view Caterpillar as a barometer for heavy equipment demand—spanning construction, mining, and energy—especially as tariff threats once again rattle the macroeconomic landscape.
The company has been grappling with tariffs as well. In October, Caterpillar flagged tariff expenses as a challenge, despite a boost from data-center-driven demand for power gear. “Power-generation sales are expected to continue sustainably growing,” noted Third Bridge analyst Ryan Keeney at that point. 5
On Jan. 29, traders will focus on two key areas: changes in order trends and dealer purchases, plus the extent of pricing power Caterpillar retains if rising input costs or weaker customer demand—driven by trade tensions—come into play.
The tariff overhang hasn’t just weighed on machinery stocks. Industrial leaders like Deere and Cummins often follow similar signals — shifts in construction sentiment, commodity prices, and the prospect that trade policy could act as a drag on global growth.
But betting on a clean “tariffs hit cyclicals” trade carries risks. Tariff threats have eased before, and the legal terrain remains unclear: Reuters reports a U.S. Supreme Court case is currently examining the extent of presidential authority over tariffs. 6
For Caterpillar, the uncertainty swings both ways. A swift retreat might calm nerves ahead of earnings. But if the battle drags on — or tariffs expand — costs could climb, forcing customers to hold back on expensive equipment purchases.
Tuesday brings the initial test as investors get a U.S. cash market reaction to the tariff headlines. The bigger moment arrives before the bell on Jan. 29, when Caterpillar reports earnings and provides updates on demand and the impact of tariffs.
