Caterpillar shares jumped after earnings beat estimates, while Spotify fell on disappointing user growth and profit forecasts for Q3.
Caterpillar shares surged after reporting record sales and earnings that surpassed market expectations, reinforcing confidence in industrial demand. The company’s strong performance highlighted robust global construction and mining activity.
Spotify’s stock declined as its third-quarter outlook missed projections for user growth and operating income, despite results meeting estimates. Investors focused on softer forward guidance, raising concerns about subscriber momentum.
Shares of U.S. optical transceiver suppliers, including Lumentum, Coherent, and Ciena, climbed sharply following reports of a U.S. ban on Chinese competitors, which is expected to reduce market competition.