NTR - Farm equipment makers fertilizer producers plunge on recession risk

Farm equipment manufacturers Caterpillar (NYSE:CAT), Deere (NYSE:DE) and AGCO (AGCO) all plunge to new 52-week lows in Thursday's trading, -6%, -6.9% and -8.8%, respectively, as Federal Reserve Chair Jerome Powell's testimony before a House committee amplified concerns of a coming recession. AGCO (AGCO) also was hit by a downgrade at Morgan Stanley, as investors begin to price in some degree of recession from 2023 in machinery multiples. Fertilizer makers Mosaic (NYSE:MOS) and CF Industries (CF) are the day's two biggest losers on the S&P 500, -8.8% and -8.6% respectively, with Nutrien (NTR) also falling sharply, -7.3%.

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Farm equipment makers, fertilizer producers plunge on recession risk