The FIN Fastener Stock Index achieved marginal growth of 0.3% in the opening quarter of 2018, compared to an 11.7% loss by an index of related industrial stocks.

Q1 was “a period when investors experienced a dizzying series of record highs, followed by a dramatic collapse and the return of long-dormant volatility,” according to MarketWatch. The decline ended a nine-quarter streak of gains for the S&P 500 and the Dow Jones Industrial Average.

Most notably for the fastener industry, the opening quarter of 2018 included a surprise announcement by President Donald Trump that the U.S. would impose a 25% tariff on steel and 10% tariff on aluminum. Three weeks later, the U.S. exempted several American allies, including Canada, Mexico, the EU, Argentina, Australia, Brazil and South Korea. Those countries account for well over half of all U.S. steel imports.

On March 22, Trump announced $60 billion in targeted tariffs against China, followed days later by China’s $3 billion tariffs on a list of U.S. goods – a series of moves that rocked global markets with fears of a sustained global trade war.

Q1 also saw interest rate hikes by the Federal Reserve, as well as the return of concern about potential inflation.

In light of that, fastener stocks performed comparably well.

Bisco Industries had the best FINdex performance in Q1, with share value growing 55% during the period.

Other fastener companies posting gains during Q1 included Chicago Rivet (up 0.5%); Dorman Products (up 8%); Grainger (up 18.9%); KLX (up 3.6%); Lawson Products (up 2.8%); and Wesco Aircraft (up 38.5%).

FINdex stocks losing share value during the quarter included Arconic – the former Alcoa Fastening Systems and Rings business (down 15.4%); Carpenter Technology (down 13.5%); Fastenal (down 1.2%); ITW (down 6.7%); MSC Industrial (down 5.5%); Nucor (down 4.4%); Park-Ohio (down 15.7%); Stanley Black & Decker (down 9.7%); Tree Island Steel (down 6.3%); and TriMas (down 2%).

In 2017, the FINdex rose 20.2%, compared to an 22.7% increase by an index of related industrial stocks.

For the last nine years of financial coverage, FIN Subscribers can visit the FIN Stock Review section of GlobalFastenerNews.com.