Caterpillar Drops Nearly 8% - Adviser Investments

Caterpillar Drops Nearly 8%

Adviser Investments’ Chief Investment Officer Jim Lowell has the market analysis for Tuesday, October 23. Despite an intraday rally, the Dow Jones Industrial Average, S&P 500 and the NASDAQ ended the day down 0.5%, 0.6% and 0.4%, respectively. Similarly, global markets also declined, with the Nikkei 225, Hang Seng, Financial Times Stock Exchange 100 and CAC 40 falling 2.7%, 3.1%, 1.2% and 1.7%, respectively. On the earnings front, Caterpillar beat earnings expectations with revenue gains greater than 18%, yet its stock declined nearly 8% as the company revised its forward outlook downward on rising manufacturing costs. McDonald’s, on the other hand, gained 6% after reporting higher-than-expected earnings and revenue and a 5.4% rise in international sales

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