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Founded in 1865 and based in Germany, BASF is the world’s largest chemical company, with products spanning the full chemical spectrum of commodity to specialty. In addition, the company is a strong player in agricultural crop protection chemicals and emissions control catalysts for cars and trucks. Given its sheer size, BASF has a top-three market position in approximately 70% of its businesses. The company is undergoing a transformation where it will divest the surface technologies and agricultural solutions businesses over the next several years. These two segments combine to generate nearly 40% of total revenue.

Some of the weakest areas of the stock market at the end of 2024 have done the best to start 2025. This is not unexpected, as weakness at the end of a quarter and at the end of a year usually leads to increased selling as tax losses are harvested. As well, institutions don't like to show many losers at the end of the quarter. As such, the big guns will try to catch up at the end of the year and will stick with momentum -- possibly shorting the weak relative-strength issues. This, to a degree, often will reverse in the new year, as the selling pressure disappears. On Thursday, the biggest winner of the 11 S&P 500 sectors was Energy (XLE), with a gain of 1.2%. The XLE peaked on November 22 at $96.46 and then fell until December 19 to $82.63, a decline of over 14% in just 18 trade days. XLE was down in 14 out of 18 days, creating a consistent bout of selling. Since its 12/19 closing low, the sector has bounced 5% in eight days. The XLE has seen strength across the board, with coal, exploration & production, pipelines, and oil equipment & services all doing well. Helping the sector has been the mini resurgence in natural gas, which, after testing $2/MMBTU in August, started crawling higher in September. Futures hit $4 at the end of the year and now sit at $3.65. Natural gas has completed a two-year base between $1.50 and $3.50, so additional gains are possible. Crude oil has come to life a bit as well, popping 2% and finishing at $73/barrel. The oil chart is a mess, drifting between $65 and the low $90s since late 2022. Most of the action has been capped off in the mid-$80s. (Mark Arbeter, CMT)

Air Products is a leading producer of industrial gases. It provides atmospheric and process gases and related equipment to refining and petrochemicals, metals, electronics, and food and beverage companies. Air Products is also the world's leading supplier of LNG process technology and equipment. The company has approximately 23,000 employees. The APD shares are a component of the S&P 500.

Corteva Inc., the former agricultural business of DowDuPont, has two business segments: Seeds and Crop Protection. The Seeds segment provides advanced germplasm and seeds that help farmers optimize yields. The Crop Protection segment develops and markets herbicides. Corteva has approximately 22,500 employees. The shares are a component of the S&P 500.