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Basic materials stocks got hammered in trading today, with some big names losing a significant portion of their share value.The iShares Dow Jones U.S. basic materials ETF is down 1.41% today, more than the S&P 500. Stocks in the basic materials sectors include companies that are refining raw materials.
Part of that selloff is due to new worries about a potential slowdown in China, with the country’s latest PMI reading suggesting we’re on our way.
Europe is also continuing to deteriorate, making a bad situation for some of the continent’s basic materials names, worse.
One exception was Mosaic, which was upgraded to buy by Stifel Nicolaus.
Did you get pummelled in today’s selloff?