Equipment finance stocks are rebounding following an Aug. 5 decline as earnings and as large American companies bolster international and agriculture stock softness.
Equipment finance stocks began to rally, with Caterpillar and RB Global, the parent company of equipment auctioneers Ritchie Bros., reporting positive earnings today, according to an Equipment Finance News analysis of key publicly traded stocks.
Caterpillar stock had improved 3.74% and RB Global had improved 6.74% as of 12:30 P.M. ET today, after declining 1% and 4% yesterday respectively. Meanwhile, other U.S. equipment-related companies such First Citizens’, Rush Enterprises, Ryder System, United Rentals and Workhorse Group also saw stock increases today.
In contrast, international companies Komatsu, Sumitomo Mitsui Financial Group and the Volvo Group experienced slight declines in stock prices today. Agricultural equipment makers Alamo Group and AGCO stocks dipped slightly as concerns about the agricultural industry persist following poor Q2 sales.
The Equipment Finance News Industry Stock Index declined 8.4% between July 31 and Aug. 5, as recession worries picked up again and stock volatility returned to pandemic-era levels.
Source: Equipment Finance News
The CBOE Volatility Index (VIX) hit 65.73 on Aug. 5, the highest intraday level since March 2020, according to Bloomberg. As of 3 P.M. ET today, the VIX stood at 24.87, down 35.5% from yesterday’s close and 62.2% from yesterday’s peak, according to the CBOE’s website.
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