U.S. stocks opened lower on Friday, with the Dow Jones Industrial Average falling more than 100 points by mid-morning. The index lost roughly 0.3% of its value as selling pressure in industrial and financial names weighed on market breadth. Traders cited cautious positioning ahead of next week’s Federal Reserve meeting minutes, while longer-duration Treasury yields ticked modestly higher. Volume on the New York Stock Exchange was about 10% above its 30-day average, reflecting heightened activity in blue-chip names.

Shares of Caterpillar have surged more than 75% over the past 12 months, making it the leading contributor to the Dow’s gains during that period. In the fourth quarter, the construction-equipment giant reported an 18% year-over-year rise in revenues to $19.1 billion and adjusted earnings of $5.16 per share, both surpassing analysts’ consensus. Strength in its power generation segment, which saw revenue jump 44% on booming demand for data center infrastructure, helped offset tariff-related margin pressures. CEO Joe Creed affirmed that continued investment in AI data centers would underpin construction spending throughout the year.