FTC, USDA Launch Farm Equipment Inquiry; Caterpillar Falls 5.8%

The Federal Trade Commission and Department of Agriculture opened a public inquiry into potential anticompetitive conduct in agricultural equipment markets. Caterpillar slid 5.8% to $813.83, the worst Dow performer, despite having limited agriculture exposure. Deere fell 3.8%, AGCO and CNH each dropped about 6.1%. Baird analyst Mig Dobre called the request for information largely immaterial but said it may create a near-term overhang.