Thoughtful Money with Adam Taggart · Sunday, September 6, 2026
David Rosenberg pointed to Caterpillar as a non-tech stock that has become a leading indicator, noting its stock is down more than 25% in recent months. He suggests this decline in Caterpillar's stock could be signaling broader issues in the market and economy, despite the ongoing AI boom.
“Uh, for example, Oracle, which has been the poster child for this. Um, the one thing I would guide people to is what the one non-tech stock that has become the feeder and leading indicator, uh, that has been Caterpillar.”
“Uh, Caterpillar's become a surrogate, uh, and a leading indicator, uh, and its stock is down more than 25% over the past few months.”
“Uh, so, what's that telling us? Uh, I just pose that as a question.”