Chems fall again as Dow falls 4.15%

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.

Name	Current Price	$ 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
Cabot Corp	61.98	-4.82	-7.22
Olin Corp	30.97	-2.08	-6.29
Huntsman Corp	30.83	-1.94	-5.92
Trinseo SA	73.25	-4.25	-5.48
Eastman Chemical Co	93.57	-5.41	-5.47
AdvanSix Inc	35.18	-2	-5.38
Methanex Corp	54.9	-3.05	-5.26
CF Industries Holdings Inc	37.46	-2.02	-5.12
Tronox Ltd	18.74	-0.96	-4.87
Braskem SA ADR repr Class A	27.75	-1.35	-4.64
Westlake Chemical Corp	102.09	-4.83	-4.52
Kraton Corp	45.78	-2.16	-4.51
Venator Materials PLC	21.03	-0.99	-4.5
Cosan Ltd	10.51	-0.49	-4.45
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
Celanese Corp	97.74	-4.14	-4.06
LyondellBasell Industries NV	105.79	-4.48	-4.06
PBF Energy Inc Class A	29	-1.22	-4.04
Ecolab Inc	127.76	-5.36	-4.03
Praxair Inc	144.07	-5.94	-3.96
PQ Group Holdings Inc	14.17	-0.58	-3.93
Sherwin-Williams Co	387.65	-15.83	-3.92
Nutrien Ltd	45.05	-1.76	-3.76
Andeavor	96.9	-3.72	-3.7
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
DowDuPont Inc	68.21	-2.39	-3.39
PPG Industries Inc	110.3	-3.83	-3.36
PolyOne Corp	40.32	-1.39	-3.33
Phillips 66	92.44	-3.17	-3.32
Ashland Global Holdings Inc	70.46	-2.2	-3.03
Ingevity Corp	69.14	-2.11	-2.96
RPM International Inc	47.98	-1.37	-2.78
Valvoline Inc	22.96	-0.64	-2.71
Enterprise Products Partners LP	26	-0.66	-2.48
Stepan Co	69.52	-1.68	-2.36
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
NewMarket Corp	388.93	-7.07	-1.79
Bunge Ltd	79.96	-1.38	-1.7
Albemarle Corp	105.18	-1.45	-1.36
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

Source: Morningstar

Additional reporting by Joseph Chang