Caterpillar and Deere sold off as the 30-year Treasury yield climbed to 5.7%, its highest in over two decades. Heavy equipment is bought on credit, so higher long-term borrowing costs raise the effect

What happened: On October 7, Caterpillar (CAT) fell as much as 7% to around $807-$813 and Deere (DE) dropped 4% to roughly $658 as the 30-year Treasury yield hit 5.7%, a two-decade high. Key numbers: 30-year Treasury yield 5.7%. CAT down as much as 7%, around $807-$813. DE down 4%, roughly $658. S&P 500 down about 0.2%. Dow fell 341 points, or 0.7%, to 51,180. Why it matters: Both stocks carried high multiples before the selloff, so the drop reflects valuation pressure as well as rates. CAT also faces AI infrastructure sentiment risk, while DE is tied to an agricultural recovery. Market: -3.1% by next close ($748.76 on Oct 14), +25.7% YTD

Rising Treasury yields pressure Caterpillar and Deere valuations, driving the slide.

Rising Treasury yields pressure Caterpillar and Deere valuations, driving the slide. — impact context not separately stored; see What changed.