The stock market has had one of the best starts to a new year that investors have seen for a long time, and that has brought the Dow Jones Industrial Average (^DJI 0.69%) to within 8% of its record highs from early 2022. The Dow held up better last year than most of its index counterparts, and even though it hasn't seen as sharp gains in January, it nevertheless has enjoyed some upward momentum.

As earnings season continues, investors are watching very closely to see what will happen with some of the biggest companies in the stock market. Although many market participants will focus their attention on giants in the technology industry, a pair of companies in other industries will actually give more valuable information to investors about the current state of the economy. That's why Caterpillar (CAT 1.58%) and McDonald's (MCD 0.47%) are the two Dow Jones stocks that deserve a look when they report their latest financial results.

Caterpillar has some heavy lifting to do

Caterpillar is set to report its fourth-quarter financial results on Tuesday, Jan. 31. The company has scheduled its release for 6:30 a.m. ET, with a conference call to follow starting at 8:30 a.m. ET.

Caterpillar is trying to keep up its positive momentum from its third-quarter results back in late October. At that time, the heavy equipment manufacturer saw sales jump 21% year over year to $15 billion, and adjusted earnings of $3.95 per share were up by nearly half from year-earlier results. Caterpillar saw consistent performance across all of its business segments, with notable sales gains and profit growth in serving customers in the natural resources industry. Both its energy and transportation and its construction segments also did well.

At the time of that report, Caterpillar anticipated the fourth quarter would be its strongest of the year, given normal seasonality. Despite some higher manufacturing costs, the heavy equipment manufacturer expected to use its pricing power to pass costs on to customers and offset any downward pressure on earnings. As a result, many investors expect another rise of roughly 50% in earnings on sales gains of 17% over year-earlier levels.

Even as many stocks languish at low levels, Caterpillar is trading at an all-time high. That might make now seem like a less-than-perfect time to buy the stock, but its financial strength still appeals to many investors looking for stability in a tough market environment.

McDonald's measures consumer strength

Shares of McDonald's are also within spitting distance of an all-time record, lagging about 2% below their November highs. The fast-food operator has scheduled its fourth-quarter conference call for investors at 8:30 a.m. ET on Tuesday, Jan. 31, and shareholders hope that the company will keep its upward momentum even in the face of pressure on consumers.

McDonald's third-quarter results were mixed, with global comparable sales climbing 10% on strong digital sales growth. However, consolidated revenue fell 5% due largely to adverse foreign currency movements, and earnings of $2.68 per share were down 6% from year-earlier numbers. Factors like COVID-19 outbreaks in China and the sale of its Russian business due to the invasion of Ukraine weighed on McDonald's business performance.

Yet McDonald's has the benefit of being a go-to option for consumers trying to save money in tough times. It has built up market share, and despite rising competition and narrower margins, the fast-food giant's franchise model insulates it somewhat from some of the pressures affecting restaurant operators directly.

Investors hope that McDonald's can keep boosting earnings even if revenue pulls back. That's a tough balancing act to pull off, though, and some worry that strength in McDonald's results could mean the consumer overall is suffering -- which would be bad news for other consumer-facing stocks.