One of the US stock market’s biggest winners this year has turned into the worst-hit sector since the start of the Iran War as a spike in oil prices has boosted industrial production costs.
Sealant maker PPG Industries Inc., packaging company Smurfit Westrock Plc, paper producer International Paper Co. and concrete producer Vulcan Materials Co. are just a few names that have plunged at least 16% since the market close on Feb. 27, dragging the 26-member S&P 500 Materials Index to a 10% decline in that period. All but four of its constituents are trading in the red post-conflict. Before the war, just one of those stocks was down for the year.
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