Stocks Fell in Early Trading, Weighed by CaterPillar and Home Depot

U.S. stocks fell in the early trading on Tuesday, as declines in shares of Dow components Caterpillar (CAT) and Home Depot (HD) weighed on the major indices. The Dow Jones Industrial Average lately fell 61.64 points, or 0.24%, to 26,030.31. The S&P 500 declined 1.07 points, or 0.04%, to 2,795.04. The Nasdaq Composite retreated 11.85 points, or 0.16%, to 7,542.61.

Oil prices rebounded from one-week lows early Tuesday, as a downdraft — prompted by President Donald Trump’s calls for OPEC to help check rising crude prices — faded. April West Texas Intermediate crude tacked on 7 cents, or 0.1%, to $55.54 a barrel. April Brent rose 53 cents, or 0.8%, to $65.29 a barrel.

Caterpillar (CAT) lowered its price target to $125 from $154. UBS analyst Steven Fisher wrote that the firm believes about 55% of Caterpillar’s end markets will peak in 2019, leading to revenue and margin pressure in 2020 due to declining demand.

Home Depot (HD) reported fourth-quarter earnings and sales below Wall Street’s expectations. The company delivered adjusted earnings of $2.09 per share, below estimates of $2.16, while same-store sales rose just 3.2%, versus expectations of a 4.5% increase.