US chems fall again as Dow declines by 2.24%

Source: ICIS News

2018/12/07

HOUSTON (ICIS)--US-listed chemical stocks fell again on Friday following a steep drop earlier this week as the Dow Jones Industrial Average fell by 2.24%.

The index closed at 24,388.95, down by 558.72 points.

The S&P 500 closed at 2,633.08, down by 62.87 points or 2.33%.

The Dow Jones US Chemicals Index closed at 572.00, down by 17.40 points or 2.95%.

Stocks had a relative respite on Thursday, during which the markets staged a sharp reversal, although the Dow still closed lower.

That day, Dow Jones Industrial Average fell by just 79.40 points – after being down by more than 765 earlier in the day.

The recovery in the stock market follows an article from the Wall Street Journal, which reported that the Federal Reserve is considering whether to signal a new wait-and-see mentality after its rate-setting meeting, scheduled for 19 December.

On Friday, more selling resumed, although not to the same magnitude as Tuesday, when the Dow Jones closed at 25,027.07, down by 799.36 points.

Markets have a long list of worries.

For the past year, the US stock market has been troubled by worries about trade disputes and rising interest rates.

The financial media warned about yield curve inversions, which can presage future recessions.

Signs of slower growth are emerging around the world.

In the US, the outlook remains positive, buoyed by tax cuts and increased government spending. Friday's job gains are more proof to the strength of the US economy, barring the slowdown in declining automobile and new-home sales.

Oil markets had been another drag on the market given the large declines in crude prices. They rallied on Friday after OPEC and its allies agreed to cut output by 1.2m bbl/day.

The following table shows the US-listed companies followed by ICIS.

Name $ Current

Price

$ Change % Change Calumet Specialty Products Partners LP 3.20 0.21 7.02 Ecopetrol SA ADR 19.59 0.21 1.08 Kronos Worldwide Inc 11.40 0.12 1.06 Olin Corp 20.19 0.19 0.95 Petroleo Brasileiro SA Petrobras ADR 14.24 0.10 0.67 DCP Midstream LP 32.90 0.15 0.46 Enterprise Products Partners LP 26.07 0.00 0.00 Bunge Ltd 58.62 -0.05 -0.09 Methanex Corp 53.68 -0.14 -0.26 Alerian MLP ETF 9.45 -0.03 -0.32 Occidental Petroleum Corp 66.49 -0.26 -0.38 NewMarket Corp 404.46 -3.74 -0.92 Exxon Mobil Corp 77.65 -0.74 -0.94 CF Industries Holdings Inc 41.14 -0.42 -1.01 Kraton Corp 24.05 -0.28 -1.15 W R Grace & Co 61.23 -0.82 -1.32 Valvoline Inc 20.50 -0.35 -1.66 Sociedad Quimica Y Minera De Chile SA ADR 43.99 -0.77 -1.72 Linde PLC 153.14 -2.84 -1.82 Ecolab Inc 154.33 -3.22 -2.04 Stepan Co 75.35 -1.58 -2.05 PolyOne Corp 30.97 -0.72 -2.27 Ultrapar Participacoes SA ADR 12.22 -0.29 -2.32 Cosan Ltd 8.50 -0.21 -2.41 PPG Industries Inc 103.22 -2.58 -2.43 Westlake Chemical Corp 68.53 -1.75 -2.49 Braskem SA ADR repr Class A 25.40 -0.65 -2.50 The Chemours Co 26.20 -0.69 -2.55 Phillips 66 90.22 -2.38 -2.57 AdvanSix Inc 25.17 -0.70 -2.71 Albemarle Corp 88.68 -2.51 -2.75 Sherwin-Williams Co 389.94 -11.09 -2.77 RPM International Inc 60.84 -1.76 -2.81 The Mosaic Co 33.58 -0.98 -2.82 PQ Group Holdings Inc 14.38 -0.42 -2.84 H.B. Fuller Co 41.72 -1.27 -2.95 FMC Corp 80.08 -2.45 -2.97 Platform Specialty Products Corp 11.01 -0.34 -3.00 LyondellBasell Industries NV 84.57 -2.66 -3.05 Eastman Chemical Co 73.33 -2.40 -3.17 Marathon Petroleum Corp 61.52 -2.03 -3.19 Westlake Chemical Partners LP 22.19 -0.73 -3.19 Axalta Coating Systems Ltd 23.78 -0.83 -3.37 Nutrien Ltd 49.94 -1.79 -3.46 Celanese Corp 91.36 -3.30 -3.49 Ashland Global Holdings Inc 76.21 -2.82 -3.57 DowDuPont Inc 53.81 -2.12 -3.78 Valero Energy Corp 75.86 -2.98 -3.78 PBF Energy Inc Class A 33.74 -1.49 -4.23 Cabot Corp 45.64 -2.25 -4.70 Tronox Ltd 7.32 -0.37 -4.81 Huntsman Corp 18.20 -0.94 -4.89 Ingevity Corp 85.23 -5.22 -5.77 Trinseo SA 46.53 -3.12 -6.28 Venator Materials PLC 3.98 -0.31 -7.23

Source: Morningstar