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Celanese is one of the world's largest producers of acetic acid and its downstream derivative chemicals, which are used in various end markets, including coatings and adhesives. The company is also one of the largest producers of specialty polymers, which are used in the automotive, electronics, medical, building, and consumer end markets. The company also makes cellulose derivatives used in cigarette filters.

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $33 billion in revenue in 2023.

DuPont de Nemours is a leading specialty chemicals company, formerly known as DowDuPont. It has two business segments: Electronics & Industrial and Water & Protection. The Electronics & Industrial segment supplies materials and printing systems to the printing industry and materials for the fabrication of semiconductors and integrated circuits. The Water & Protection segment provides engineered products and integrated systems for worker safety, water purification and separation, transportation, energy, medical packaging, and building materials.

Stocks are widely lower, continuing yesterday's slide and on the back of this morning's surprise Jobs report. The Unemployment Rate ticked up to 4.3% for July from 4.1% the month before. Nonfarm Payrolls printed at 114,000, much lower than the expected and the month before. These weak labor numbers raise questions: Did the Fed wait too long before pivoting to easing monetary policy? Will they enact a larger cut in September, perhaps 50 bps instead of the expected 25 bps? Is the desired soft landing still possible? We note that the recent GDP report gives us confidence that the U.S. economy has avoided a recession. And more data keeps coming. Deep breathes. Every day we recalibrate.