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The Dow maintained gains in afternoon trading, while the S&P 500 and the Nasdaq slid. The blue chip index was up 0.7%, or 461 points, despite sharing some of the same components dragging on the Nasdaq and the S&P 500. The key to the Dow's resilience during Wednesday's session is its price-weighted structure.
Caterpillar's construction and power businesses benefited as data-center investment helped quarterly revenue jump 24%.
Caterpillar raises its 2026 sales outlook as record backlog, stronger segment demand and added power capacity support higher second-half growth.
The industrial equipment maker saw stronger-than-expected North American construction sales and continued momentum for AI-related infrastructure. A $392 million tariff refund also bolstered profits.
While the S&P 500 just hit a record high and the AI trade roars back to life, one famous short seller is keeping his bearish bets intact and warning that the market's own mechanics could turn a celebration into a collapse.
U.S. stock markets closed sharply higher on Tuesday buoyed by a gradual decline in crude oil prices.
Stocks were on track to break more records on Wednesday, as the AI trade and hopes of an Iran peace deal continued to power the broader market higher. S&P 500 futures rose 0.3%. Dow Jones Industrial Average futures added 130 points, or 0.2%.
The power business now earns more profit than the famous yellow machines do.
Korean memory-chip manufacturer SK Hynix late last month booked roughly $65 billion in profit for the quarter ended June 30, a 13-fold increase from last year. Hynix earned almost as much money in 90 days as it had in the prior 29 years since its IPO, total. The reports, though outstanding on basically every measure, still fell short of Wall Street’s sky-high expectations for chip companies.
CAT delivers historic Q2 with 73% adjusted EPS growth, driven by surging data center demand and broad-based strength across all segments.
Caterpillar (NYSE:CAT) reported record second-quarter sales and revenues of $20.5 billion, up 24% from a year earlier, as demand increased across its Construction Industries, Resource Industries and Power & Energy segments. The company said it was the first quarter in its history with more than
Stocks notched new record highs on Tuesday as oil prices dipped and companies reported healthy profits.
<body><p>STORY: "We're not probably completely past all the fears, but you've had a couple of companies that really line up and indicate that spending is is real and happening, and we're getting there," Haworth said.</p><p>He added that results from Palantir and Caterpillar, along with a recovery in semiconductor stocks, have reinforced investor's confidence that spending on AI and related infrastructure is continuing.</p><p>He said more earnings reports will be needed to determine whether concerns have fully subsided, adding that healthcare will be an important sector to watch as an early user and potential beneficiary of artificial intelligence.</p></body>
Data-center power demand helped lift sales above $20 billion for the first time.
Take your pick between the prospect of a U.S.-Iran peace deal, strong earnings, and a reignited AI trade as reasons the market is on the rise. The Nasdaq Composite was up 2.6%. The Trump administration has been vocal about talks it says are ongoing with Iran.
One trades at a bargain valuation but bleeds cash; the other generates billions yet commands a premium. The risk profiles tell opposite stories.
Caterpillar is benefiting from demand for power backup, construction equipment for new AI data centers.
Oil prices fell sharply after the Treasury secretary said the U.S. and Iran may reach a deal to reopen the Strait of Hormuz within days