Stock Market Update

[BRIEFING.COM] The major averages are maintaining their impressive gains at midday.

Dow (DOW 35.20, -4.72, -11.84%), LyondellBasell Industries LyondellBasell (LYB 66.50, -8.80, -11.68%), and Celanese (CE 62.30, -6.04, -8.84%) are getting hit hard today as easing geopolitical tensions with Iran—highlighted by the reopening of the Strait of Hormuz and signs of progress in negotiations—drive a sharp pullback in energy and petrochemical prices.

These developments are pressuring chemical equities because lower oil and natural gas prices typically compress spreads and reduce pricing power across key products like polyethylene and other derivatives.

The selloff also reflects a reversal of the recent bullish setup, where supply disruptions and elevated energy prices had tightened global chemical markets and supported margin expansion expectations.

Despite the pronounced weakness, the materials sector (+1.0%) still trade higher as strength is broad elsewhere. Sherwin-Williams (SHW 349.08, +15.74, +4.72%) and Amcor (AMCR 42.07, +1.89, +4.70%) are among the outperformers.