A powerful and counterintuitive rally is taking shape in the basic materials sector, signaling a deeper shift that investors are beginning to notice. In early March 2026, the stocks of chemical giants Dow Inc. (NYSE: DOW) and LyondellBasell Industries N.V. (NYSE: LYB) decoupled from their recent performance trends and surged dramatically. On March 12th alone, Dow's shares climbed by more than 9%, while LyondellBasell's stock rose by more than 10%.
This sudden upward momentum came as a surprise to many, especially in the context of the companies' recent challenging earnings reports. In late January 2026, Dow reported a fourth-quarter 2025 loss of 34 cents per share, while LyondellBasell posted a loss of 26 cents per share for the same period.
