HOUSTON (ICIS)--Chemical stocks plunged on Thursday as the Dow Jones Industrial Average had a second large sell-off this week, falling by 4.15% percent.
The index closed at 23,860.46, down by 1,032.89 points. The decline puts the index at a correction, since it has fallen by at least 10% from its previous high.
Nearly company followed by ICIS fell.
The Dow Jones US Chemical Index closed at 635.75, down 23.07 points or 3.50%.
The S&P 500 Chemicals Industry Index closed at 598.44, down 20.99 points or 3.39%.
Pigment producer Kronos Worldwide was the biggest loser as of 15:32 hours Houston time (21:32 GMT), falling by 8.59%. Catalyst producer WR Grace fell by 8.00%. Several companies fell by more than 4%.
Calumet Specialty Products was the only stock that increased, rising by 0.69% to close at $7.25.
Among the majors, DowDuPont fell by 3.39%, and LyondellBasell declined by 4.06%. Refiner Valero fell by 3.42%, and industrial gases producer Praxair dropped by 3.96%.
Paints and coatings producer PPG dropped by 3.36%, and fertilizer producer Nutrien fell by 3.76%
Thursday's drop marked the second large decline this week. On Monday, the Dow Jones Industrial Average fell by 4.60%.
The declines come amid concerns that yields on Treasurys will rise due to inflation. As economic growth speeds up, wages could rise. The tax reforms and a potential infrastructure plan could add more fuel to growth, putting more pressure on inflation.
As yields rise, it makes Treasurys more attractive to investors compared to stocks.
The table below shows the performance of the stocks followed by ICIS.
|$ Change||% Change|
|Kronos Worldwide Inc||22.57||-2.12||-8.59|
|W R Grace & Co||65.51||-5.7||-8|
|The Chemours Co||44.77||-3.5||-7.25|
|Eastman Chemical Co||93.57||-5.41||-5.47|
|CF Industries Holdings Inc||37.46||-2.02||-5.12|
|Braskem SA ADR repr Class A||27.75||-1.35||-4.64|
|Westlake Chemical Corp||102.09||-4.83||-4.52|
|Venator Materials PLC||21.03||-0.99||-4.5|
|The Mosaic Co||24.13||-1.12||-4.44|
|Petroleo Brasileiro SA Petrobras ADR||12.21||-0.55||-4.31|
|Platform Specialty Products Corp||9.84||-0.43||-4.19|
|Ecopetrol SA ADR||16.26||-0.7||-4.13|
|LyondellBasell Industries NV||105.79||-4.48||-4.06|
|PBF Energy Inc Class A||29||-1.22||-4.04|
|PQ Group Holdings Inc||14.17||-0.58||-3.93|
|DCP Midstream LP||38.4||-1.46||-3.66|
|Alerian MLP ETF||10.54||-0.39||-3.6|
|Marathon Petroleum Corp||62.79||-2.3||-3.53|
|Ultrapar Participacoes SA ADR||23.43||-0.84||-3.46|
|H.B. Fuller Co||47.36||-1.68||-3.43|
|Valero Energy Corp||86.77||-3.07||-3.42|
|PPG Industries Inc||110.3||-3.83||-3.36|
|Ashland Global Holdings Inc||70.46||-2.2||-3.03|
|RPM International Inc||47.98||-1.37||-2.78|
|Enterprise Products Partners LP||26||-0.66||-2.48|
|Sociedad Quimica Y Minera De Chile SA ADR||53.57||-1.27||-2.32|
|A. Schulman Inc||35.55||-0.8||-2.2|
|Occidental Petroleum Corp||68.47||-1.4||-2|
|Westlake Chemical Partners LP||22.95||-0.3||-1.29|
|Exxon Mobil Corp||76.07||-0.87||-1.13|
|Axalta Coating Systems Ltd||30||-0.25||-0.83|
|Calgon Carbon Corp||21.3||-0.05||-0.23|
|Calumet Specialty Products Partners LP||7.25||0.05||0.69|
Additional reporting by Joseph Chang