Caterpillar, Inc. (NYSE:CAT) shares are trading lower on Wednesday alongside shares of several other companies in the broader industrial sector amid a rise in Treasury yields and weak third-quarter financial results from J.B. Hunt Transport Services (NASDAQ:JBHT).
What To Know: The equity market was impacted Wednesday by rising Treasury yields. Of particular importance was the rise in 30-year yields over 5% following President Joe Biden’s announcement of an “unprecedented support package for Israel,” amid the ongoing Israel-Hamas conflict.
Yields on 10-year Treasuries rose on Wednesday to the highest level since 2007, reaching 4.9%.
In addition to pressure from rising yields, the industrial sector could also be affected by weak third-quarter results from J.B. Hunt Transport Services, released after the close of the market on Tuesday. The company reported quarterly earnings of $1.80 per share, a 29.96% decrease over earnings of $2.57 per share from the same period last year, and quarterly sales of $3.16 billion, which missed the analyst consensus estimate of $3.20 billion.
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CAT Price Action: Shares of CAT were down 4.49% at $260.40 at the time of publication, according to Benzinga Pro.
Image by Paul Brennan from Pixabay
