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PPG is a global producer of coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on its coatings and specialty products and expansion into emerging regions, as exemplified by the Comex acquisition.

Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2024, making it the one of the world’s largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2024. We expect it to sell similar amounts of copper midcycle in 2029, though we expect gold volumes to decline to about 650,000 ounces then due to falling production at Grasberg.

International Flavors & Fragrances Inc., based in New York, is a leading developer and manufacturer of commercial flavors and fragrances. These ingredients are used in a wide variety of consumer products, including fine fragrances and toiletries, soaps, detergents, food, and beverages. The company operates in approximately 65 countries and distributes its products through its own sales force in North America, Europe, the Asia Pacific region, Latin America, and India. The company has approximately 22,400 employees. The IFF shares are a component of the S&P 500.

Like other recent rebounds from quick declines, Wednesday's first attempted upside reversal bumped its head against key shorter-term moving averages and paused. Some of these breaks higher have been impressive, while others have not. It's almost like machines (algorithms) are running the intraday movements in the major indices. In fact, there is consistent support and resistance on the charts that seems to act as a magnet for prices. When all was said and done on Wednesday, the S&P 500 (SPX) gained back 1.2% and closed back above its 50-day. But the index ran out of gas at the 5-, 13-, and 21-day exponential moving averages as well as at chart resistance from the breakdown level at intraday lows on January 14. The SPX didn't reach the lower trendline from the busted and bearish-ending diagonal. All these clusters of resistance lie in the 6,890 to 6,940 region. Again talking about algorithms, the index stopped right at a common and important Fibonacci retracement of 61.8% of the decline off the peak since January 12. While we have a tendency to throw our hands up during these day-to-day swings prompted by headlines, the market remains dominated by key technical levels. But that does little to help us forecast the near-term direction for stocks, as we remain a single headline away from another 1% to 2% move. The Nasdaq 100 (QQQ) popped right to the lower trendline of the broken triangle that had been forming for months. But it ran out of fuel just above its 50-day average and at a zone of overhead supply just above the current price.