CAT Plunges After Order Backlog Unexpectedly Shrinks For First Time Since 2020
The industrial canary in the Chinamine just croaked.
Tyler Durden
"Shares of Caterpillar are tumbling more than 5% in premarket as investors fear the industrial bellwether's latest report indicates machinery demand peaked. That, as Bloomberg's Joe Deaux writes, 'bodes ill for the economic outlook, already facing headwinds from the Fed’s aggressive tightening.'"