Momentum Reversal Sends Machinery Stocks Lower; Major Names See Sharp Drops
Shares of major machinery manufacturers plunged on Tuesday as a pullback in momentum trading hit the sector. Deere & Co. led declines with a 6.6% fall, Caterpillar dropped 4.3%, and the S&P 1500 Machinery Index slid 3.7%. Agricultural equipment names were further pressured after the Purdue Ag Barometer fell to its weakest reading in 18 mont…