Caterpillar falls 1.78% to $735.64, down 30.8% from June 30 record close

A 30% drawdown in Caterpillar matters beyond one equity: as an industrial bellwether, its multiple is often read as a proxy for global capex and construction demand, so the gap from the June peak signals how quickly sentiment around that cycle has repriced. The read-across lands on machinery and infrastructure-linked names, and on RWA and tokenized-equity products where CAT-type exposure sits inside broader index baskets. Whether the drawdown stabilizes near these levels or extends is the open question, and it is worth watching whether the weakness stays idiosyncratic or starts echoing across the industrial complex.