Key Highlights

● Intel was trading at $85.49 after a broad semiconductor selloff.

● The Dow edged up 11.89 points to 52,867.98 on Thursday.

● Caterpillar sells heavy equipment and power-generation products to customers around the world.

● Teradyne reports on October 27, offering another read on chip-equipment demand.

Intel (NASDAQ:INTC) and Caterpillar (NYSE:CAT), two Dow Jones Industrial Average members that were hit hard on Thursday, October 22, are set to report quarterly results on October 29. Their reports will offer a fresh read on two corners of the market that were sold on Thursday: chips and heavy equipment.

Intel was trading at $85.49 after a steep fall. Caterpillar tumbled to $704.05 and was the worst performer in the Dow.

A brutal day for chips

Intel was swept up in a broad semiconductor selloff. The Philadelphia Semiconductor Index posted its biggest one-day drop since June 23, after Lam Research (NASDAQ:LRCX) gave December-quarter guidance with a midpoint slightly below consensus and cited supply constraints. Intel, Advanced Micro Devices, SanDisk and Marvell Technology all fell sharply.

One brokerage firm was among those that trimmed price targets on Intel, though the date of that move was unclear.

Lam's executives described tight supply. "Things are going to continue to be constrained," CFO Doug Bettinger said. CEO Tim Archer said clean-room and component constraints will "limit chip makers and equipment companies' ability to fully meet end demand" into 2027.

Caterpillar falls amid the AI-power slide

Caterpillar's decline came on a day when AI-power and data-center equipment stocks were sold hard. GE Vernova (NYSE:GEV) plunged to $827.42, and Vertiv (NYSE:VRT), Eaton (NYSE:ETN) and Quanta Services (NYSE:PWR) also tumbled.

The selling followed Meta Platforms (NASDAQ:META)'s report on Wednesday, which showed 2026 capital spending of $135 billion to $145 billion and negative free cash flow of $2.12 billion, raising questions about how AI infrastructure will be financed.

Nvidia (NASDAQ:NVDA) CEO Jensen Huang said, "The demand of the capital is much greater than the availability of the capital."

Why their reports matter

Intel's results will offer insight into demand for chips across PCs, servers and AI, and into the supply constraints Lam described. Its manufacturing plans make it a key read on chipmaking capacity.

Caterpillar sells heavy equipment and power-generation products to customers around the world. Investors will look at its results and outlook for signs of how demand is holding up across construction, mining and energy, including from data-center projects.

Both stocks are members of the Dow, which held up on Thursday, edging up 11.89 points to 52,867.98, even as the Nasdaq Composite sank 694 points to 26,008.86 and the S&P 500 fell 93.74 points to 7,663.43.

A crowded day

October 29 is one of the busiest days on next week's calendar. Amazon (NASDAQ:AMZN) also reports, and the government releases third-quarter GDP and September PCE inflation data.

That follows the Federal Reserve's rate decision and earnings from Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and ServiceNow (NYSE:NOW) on October 28. "Investors are starting to realize that there are some holes in the AI story," one strategist said, and next week's reports will test that view.

Order books, supply and the Teradyne read-through

For Intel, investors will watch for commentary on supply constraints, AI demand and its outlook for the coming quarter. For Caterpillar, the focus will be on order trends, pricing and any comments on demand linked to data centers.

Before then, Teradyne (NASDAQ:TER) reports on October 27, offering another read on chip-equipment demand. US futures were roughly flat on Thursday evening.