Caterpillar, Honeywell, and Industrial Stocks Are Breaking Down. What’s Next.

Industrial stocks have taken a major hit recently. The concern is the economy—and the shares are now trading at scary levels.

They’ve dropped because the market knows the Federal Reserve must—as the bank has indicated—keep interest rates high for a while in order to cool down inflation and the economy. Eventually, that will hurt demand and limit companies’ spending on large equipment needed to build products, while waning consumer demand will hurt airlines and transport companies.

Caterpillar beat sales and earnings estimates Tuesday, but buyers haven’t stepped in. Shares are actually in the red in midday Tuesday trading, and are now down 20% from record highs set in early August. Newsletter Sign-up It’s the type of story that’s laid the industrials ETF low. It had taken several tries over the past few years for buyers to finally come in at around $105—and they did early this summer—to lift shares. Now, selling pressure is keeping the ETF below that level. The delayed damage to the economy from higher rates is starting to show up in forward-looking indicators in companies’ earnings releases.

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