Caterpillar, Nvidia, Autodesk, and More

• U.S. equities were down at midday following a new report on inflation and ahead of the long Labor Day weekend.

• Caterpillar said tariffs would negatively impact results the rest of the year.

• Autodesk reported strong demand for its design software for artificial intelligence data centers.

U.S. equities were lower at midday, as inflation rose and investors pulled money out of the market ahead of the long Labor Day holiday. The Dow Jones Industrial Average, S&P 500, and Nasdaq all fell.

Caterpillar (CAT) shares sank when the big farm and construction equipment manufacturer warned tariffs will cost as much as $1.8 billion this year and hurt earnings.

Shares of Nvidia (NVDA) dropped on a report Alibaba Group Holdings (BABA) was producing an artificial intelligence (AI) chip to compete with Nvidia in China. U.S.-listed shares of Alibaba Group Holdings jumped.

Dell Technologies (DELL) shares tumbled after the PC maker’s storage product sales missed forecasts and it gave weaker-than-expected current-quarter guidance.

Autodesk (ADSK) was the best-performing stock in the S&P 500 when it beat earnings and revenue estimates and boosted its outlook on high demand for its AI data center design software.

Shares of Petco Health + Wellness (WOOF) took off after the pet supplies retailer reported an unexpected profit and raised its outlook, which it credited to its turnaround efforts.

Affirm Holdings (AFRM) shares jumped when the buy now, pay later lender posted better-than-expected results on higher consumer transactions.

Oil futures slid. Gold prices rose. The yield on the 10-year Treasury note gained. The U.S. dollar was little changed against the pound and yen, and lost ground to the euro. Most major cryptocurrencies traded lower. 

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