On August 21, Dow Chemical rose 5.12% in regular trading, trading at $33.375/share, with turnover of $202 million. The rally was driven by S&P's upgrade of the company's credit outlook from negative to stable, citing sustained earnings improvement.

The upgrade follows Dow Chemical's strong Q2 performance, in which adjusted EPS came in at $1.44, beating the consensus estimate of $1.28 by 12.5% and swinging sharply from a loss of $0.42 per share a year earlier. Net sales reached $12.09 billion, up approximately 20% year-over-year. The company also noted over $300 million in cost-reduction benefits during Q2 and expects its transformation program to generate an additional $200 million in savings this year.

Sector-wide strength provided further support, with peer LyondellBasell rising 4.23% and Methanex gaining 4.35% on the same session, reflecting broad-based momentum across commodity chemicals.

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