The FIN Fastener Stock Index fell 10.2% in the second quarter of 2024 amid ongoing weakness in the U.S. manufacturing sector.

Manufacturing economic activity contracted in June for the third consecutive month and the 19th time in the last 20 months, according to the Institute for Supply Management. The Manufacturing PMI registered 48.5% in June, down 0.2 percentage point from the 48.7% recorded in May.

Facing those headwinds, only two FINdex companies — aerospace suppliers Carpenter Technology and Howmet Aerospace — achieved stock price gains in the second quarter.

CarTech’s shares rose 53.5% amid continuing OEM demand strength.

“We see no impact (from Boeing’s delivery delays) near term and anticipate no impact longer term,” Carpenter CEO Tony Thene told investors. “We supply to OEM, MRO, narrowbody, widebody, Boeing, Airbus, what(ever) it might be.”

Howmet shares rose 13.4% in Q2.

The FINdex performed better in the first six months, with strong gains (14.7%) in the opening quarter lifting it 3% for the period.

After declining 11.5% in 2022, the FINdex roared back in 2023, growing 44.3% in value compared to an 18.3% gain by an index of related industrial stocks in a rocky economic year that eventually produced a recovery in U.S. industrial fastener demand.