Caterpillar (NYSE: CAT) Stock Climb Up 4% in Pre-Market Trading

CAT Stock Chart

Caterpillar stock (NYSE: CAT) is up 4% in early trading is nearing a one-month high, adding more than 31% from a 52-week low of March 16. CAT’s forecast for 2020 was revised in connection with the coronavirus pandemic. The company also announced the cessation of work at several enterprises due to the weak demand for final products and the introduction of quarantine.

Over the past week, Caterpillar shares rose by 8.75%. The S&P 500 index fell 2.05% over the same period. The next earnings release will be April 28. Some CAT investors will be hoping for strength, but will likely be hurt by the coronavirus. Market analysts expect Capitapillar to report EPS of $1.82, down 38.1% from the prior-year quarter.

CAT’s full-year Zacks Estimates are calling for earnings of $7.44 per share and revenue of $47.40 billion. This would represent year-over-year changes of -32.73% and -11.89%, respectively.  Investors may want to add CAT Stock to their list of stocks to watch.

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CAT Stock Support and Resistance

CAT stock prices are up and renewing the recent highs. Currently, the CAT is consolidating within the range of 108.00–119.00. There is potential for further recovery after a prolonged fall. The indicators do not give accurate signals: the price has fixed between MA (50) and MA (200); MACD is showing positive momentum. It is better to open the positions from the key levels.

Stock Market Morning Report

Resistance levels: 119.00, 125.00, 130.00.

ABS REPORT

Support levels: 108.00, 100.00, 88.00.

S&P futures are higher, up 97 to 98 points, as…

  • President Donald Trump and Vice President Mike Pence said that signs are beginning to materialize of stabilization in the coronavirus outbreak.
  • The state of New York reported 594 new coronavirus deaths on Sunday versus 630 Saturday, the first time that number has declined since the outbreak began there.
  • Former Microsoft CEO Bill Gates said his foundation would spend billions to help develop a COVID-19 vaccine.

European markets gained as…

  • Italy’s daily coronavirus cases remained below the March 21 peak for the fifteenth consecutive day as fatalities remained below the March 27 peak for the ninth.
  • Spain’s new infections eased for the fourth consecutive day on Sunday and remained below the March 26 peak for the tenth consecutive day.
  • Britain’s Queen Elizabeth II called on its citizens to demonstrate the same discipline and resolve that has ushered the nation through past difficult periods.
  • The OPEC+ group of countries said it would hold an emergency meeting on Thursday instead of today to discuss output cuts due to rising tensions between Saudi Arabia and Russia.

Asian markets rallied as…

  • The Bank of Japan surprised markets by offering to buy $3.2 billion worth of 5-to-10 year bonds even though it will be increasing the number of such operations this month.
  • South Korea reported less than 50 daily new coronavirus infections for the first time since March 10 and the second time since February 19.
  • Chinese markets are closed for a holiday.

Pre-Market Levels:

S&P +3.92%

Asia – Japan’s Nikkei +4.24%, Japan’s TOPIX +3.86%, China’s Shanghai Composite closed, Hong Kong Hang Seng Index +2.21%, South Korea’s KOSPI +3.85%, Taiwan’s TSE +1.60%

Europe – EuroStoxx 50 +2.45%, UK FTSE +2.25%, German DAX +4.45% , French CAC +3.73%, Italian MIB +3.10%, Spanish IBEX +3.26%

VIX -12.77%

Currencies – Dollar +0.12%, Japanese Yen -0.59%, Euro -0.08%, British Pound +0.36% , Swiss Franc -0.16%, Chinese Yuan -0.08%

Bitcoin +5.37%

WTI Crude -3.67%

Brent Crude -3.46%

Nat Gas +1.91%

Gold +1.08%

Platinum -1.64%

Copper +0.75%

Silver +1.66%

US Treasury 10 yr yield +6.4bps at 0.659%

US Treasury 2 yr yield  +2.7bps at 0.256%

German 10 yr yield +2.4bps at -0.424%

French 10 yr yield +0.8bps at 0.070%

Italian 10 yr yield -1.1bps at 1.531%

Japanese 10 yr yield -0.9bps at 0.001%

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