Shares of equipment stocks surged April 9 after President Donald Trump’s announced a 90-day pause on reciprocal tariffs for most nations, but the high was short-lived as shares dropped back down today.
The S&P 500 Index jumped 9.5% following the pause announcement in the largest single-day gain since 2008. While Trump halted higher reciprocal tariffs for 59 nations, his recently imposed baseline tariff of 10% is still in place, and he hiked the rate on Chinese imports to 145%. Tariffs of 25% on imported steel, aluminum and cars also remain intact.
Nonetheless, the pause provided a short-term boost to a stock market that’s been reeling. Shares of key publicly traded companies in heavy-equipment and equipment finance industries jumped from during trading on April 9, including:
- AGCO Corp., up 13.7% to $85.81;
- Alta Equipment Group, up 14.4% to $4.52;
- Caterpillar, up 11.2% to $85.81;
- CNH Industrial, up 14.5% to $11.61;
- Custom Truck One Source, up 13.3% to $3.75;
- Deere & Co., up 11% to $452.59;
- First Citizens BancShares, up 11.4% to $1,736.33;
- Herc Holdings, up 16.5% to $128.91;
- Titan Machinery, up 13.1% to $15.79; and
- United Rentals, up 13.7% to $611.12.
However, shares of the following companies and several others dropped today as of market close.
- AGCO, down 2.2% to $83.91;
- Alta Equipment Group, down 5.3% to $4.28;
- Caterpillar, down 3.9% to $289.16;
- CNH Industrial, down 3.6% to $11.19;
- Custom Truck One Source, down 5.6% to $3.54;
- Deere & Co., down 1.9% to $444.19;
- First Citizens Bancshares, down 5.6% to 1,639.64;
- Herc Holdings, down 8.6% to $117.81;
- Titan Machinery, down 1.2% to $15.60; and
- United Rentals, down 5.1% to $579.94.
Equipment financiers Atlantic Union Bancshares, Western Alliance Bancorp. and Banc of California also saw shares decrease 9.4%, 7.8% and 7.1%, respectively.
Industry urges certainty
While the pause of higher tariffs provides some relief, overall uncertainty continues to weigh on dealers, lenders and manufacturers.
“President Trump’s pause on his reciprocal tariffs provides an opportunity for everyone to reassess the situation,” Association of Equipment Distributors President Brian P. McGuire said in a statement April 9.
“AED encourages continued negotiations that result in free and fair trade, and in long-term certainty for the equipment industry and our customers. The time is now for our leaders in Washington to focus efforts on enacting tax policies that incentivize capital investment and economic growth rather than imposing trade barriers on our key partners.”
The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
