Stock market today: Dow, S&P 500, Nasdaq slide amid worries over frothy valuations

Core Insights - Caterpillar has raised its targets for revenue, profit margin, and capital expenditures for the 2024 to 2030 period, aiming for a compound annual growth rate (CAGR) of 5%-7% in sales and revenues, and increasing services revenues to $30 billion annually by 2030 from $24 billion in 2024 [1][2] Revenue and Profit Margin - The adjusted operating profit margin target has been increased from a range of 18%-22% at $72 billion in sales to 21%-25% at $100 billion in sales [2] Capital Expenditures and Capacity - The company plans to double its capital expenditures for machines, power, and energy, and more than double its capacity for gas turbines, which are essential for natural gas plants [3] - Power generation machinery reported the largest sales increase in the third quarter, with demand for reciprocating engines rising by 33% year-on-year [3] Market Context - The Industrials sector has seen a rise of approximately 15% this year, driven largely by the AI boom, which has also benefited Caterpillar [4] - Other industrial companies, such as Honeywell, have also reported strong demand for data centers, indicating a broader trend in the industry [5]