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Why Heavy Equipment Stocks Gained Ground Today
Over the weekend, the United States and China laid out the framework for a trade deal and suspended some of the most onerous tariffs imposed by the two countries.It isn't a done deal yet, but shares of heavy equipment companies that were facing a two-sided blow from the tariffs are rallying on the news. Shares of Caterpillar (NYSE: CAT) climbed as much as 8% on Monday before falling back to up 5%, while shares of Toro (NYSE: TTC) and Deere & Co. (NYSE: DE) were up as much as 5%. Deere gave some of that gain back late in the day and was up just 1% as of 3:30 p.m. ET.Image source: Caterpillar.Continue reading
Over the weekend, the United States and China laid out the framework for a trade deal and suspended some of the most onerous tariffs imposed by the two countries.
It isn't a done deal yet, but shares of heavy equipment companies that were facing a two-sided blow from the tariffs are rallying on the news. Shares of Caterpillar (NYSE: CAT) climbed as much as 8% on Monday before falling back to up 5%, while shares of Toro (NYSE: TTC) and Deere & Co. (NYSE: DE) were up as much as 5%. Deere gave some of that gain back late in the day and was up just 1% as of 3:30 p.m. ET.
Image source: Caterpillar.
