Effects of Supply Chain Bottlenecks on Prices using Textual Analysis, Accessible Data

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Effects of Supply Chain Bottlenecks on Prices using Textual Analysis, Accessible Data

Figure 1: Nominal Global Trade

(Dec 2019=100)

Date	Nominal World Trade
1/31/2005	54.30846924
2/28/2005	54.14658243
3/31/2005	55.3249068
4/30/2005	56.42090581
5/31/2005	55.9739032
6/30/2005	55.51135013
7/31/2005	55.27281807
8/31/2005	57.17001405
9/30/2005	58.05747653
10/31/2005	57.93350952
11/30/2005	58.03093812
12/31/2005	60.12095075
1/31/2006	61.14947677
2/28/2006	61.44227168
3/31/2006	62.41493825
4/30/2006	63.53099808
5/31/2006	65.66023223
6/30/2006	65.5538831
7/31/2006	65.28076616
8/31/2006	66.9553642
9/30/2006	67.29835311
10/31/2006	66.32225957
11/30/2006	68.19852883
12/31/2006	70.39225215
1/31/2007	69.60845475
2/28/2007	70.36675153
3/31/2007	71.22146111
4/30/2007	72.4845497
5/31/2007	73.1238566
6/30/2007	73.86745335
7/31/2007	75.39771566
8/31/2007	75.70779202
9/30/2007	77.04446301
10/31/2007	79.77298017
11/30/2007	82.57510417
12/31/2007	82.67199432
1/31/2008	86.67978835
2/29/2008	87.40362975
3/31/2008	89.27355257
4/30/2008	91.75679861
5/31/2008	92.23105565
6/30/2008	93.00360117
7/31/2008	95.9410581
8/31/2008	92.17535017
9/30/2008	88.15399572
10/31/2008	81.67861119
11/30/2008	72.3063899
12/31/2008	67.53347204
1/31/2009	62.69313088
2/28/2009	61.20488656
3/31/2009	60.80188301
4/30/2009	61.12016144
5/31/2009	61.90765543
6/30/2009	65.095148
7/31/2009	66.85851967
8/31/2009	67.97028418
9/30/2009	71.31877974
10/31/2009	73.36813474
11/30/2009	74.6355382
12/31/2009	76.29217054
1/31/2010	76.84150882
2/28/2010	76.3945282
3/31/2010	78.29445875
4/30/2010	78.98856694
5/31/2010	79.02398026
6/30/2010	79.45272963
7/31/2010	80.80879429
8/31/2010	82.09029253
9/30/2010	82.78301266
10/31/2010	87.06353671
11/30/2010	88.11279231
12/31/2010	88.09467591
1/31/2011	92.22629847
2/28/2011	93.32116276
3/31/2011	96.05308001
4/30/2011	97.69664476
5/31/2011	98.48930242
6/30/2011	98.03234882
7/31/2011	99.41083904
8/31/2011	100.8334692
9/30/2011	97.66870364
10/31/2011	97.61982439
11/30/2011	97.09571629
12/31/2011	96.26490748
1/31/2012	96.27017134
2/29/2012	98.27122137
3/31/2012	98.9815439
4/30/2012	97.79962965
5/31/2012	98.49769592
6/30/2012	96.09566414
7/31/2012	95.18400194
8/31/2012	96.07892928
9/30/2012	98.626816
10/31/2012	97.38173954
11/30/2012	96.67962234
12/31/2012	98.1859073
1/31/2013	100.3512513
2/28/2013	99.94960725
3/31/2013	99.38651631
4/30/2013	99.12198836
5/31/2013	98.16104287
6/30/2013	97.90140651
7/31/2013	97.97212971
8/31/2013	99.06072658
9/30/2013	98.91726327
10/31/2013	100.3755341
11/30/2013	99.97730481
12/31/2013	100.5268174
1/31/2014	101.4459445
2/28/2014	101.3415357
3/31/2014	101.7560119
4/30/2014	102.1549873
5/31/2014	101.6978072
6/30/2014	101.1498733
7/31/2014	101.9616884
8/31/2014	100.8808545
9/30/2014	100.5240551
10/31/2014	98.65396046
11/30/2014	96.49131767
12/31/2014	94.68559811
1/31/2015	92.00496396
2/28/2015	90.91411394
3/31/2015	88.03580658
4/30/2015	88.12774323
5/31/2015	88.68610305
6/30/2015	89.63457153
7/31/2015	88.30361731
8/31/2015	86.97451546
9/30/2015	86.66635501
10/31/2015	86.86596042
11/30/2015	84.03086116
12/31/2015	84.12690088
1/31/2016	81.43392249
2/29/2016	83.00599101
3/31/2016	82.49610721
4/30/2016	84.45947693
5/31/2016	84.25651786
6/30/2016	85.71377043
7/31/2016	84.48486514
8/31/2016	86.63859961
9/30/2016	86.55897298
10/31/2016	86.3406109
11/30/2016	87.46000727
12/31/2016	88.61152768
1/31/2017	89.5325226
2/28/2017	90.48250212
3/31/2017	92.25964519
4/30/2017	91.57773624
5/31/2017	93.05698427
6/30/2017	93.22389382
7/31/2017	94.13576538
8/31/2017	96.17521419
9/30/2017	97.94805869
10/31/2017	96.20495393
11/30/2017	99.56490256
12/31/2017	101.586806
1/31/2018	104.5186977
2/28/2018	104.5911388
3/31/2018	103.7532081
4/30/2018	104.5979406
5/31/2018	104.1864084
6/30/2018	104.1445517
7/31/2018	104.5629778
8/31/2018	103.9954416
9/30/2018	104.3612178
10/31/2018	105.0745975
11/30/2018	102.1093941
12/31/2018	99.64351585
1/31/2019	102.2227568
2/28/2019	101.3968608
3/31/2019	102.9974805
4/30/2019	102.3939747
5/31/2019	102.7596392
6/30/2019	100.9163428
7/31/2019	101.8802005
8/31/2019	100.8137864
9/30/2019	99.91266983
10/31/2019	100.3318999
11/30/2019	99.33987635
12/31/2019	100
1/31/2020	98.37831666
2/29/2020	97.049091
3/31/2020	92.5068143
4/30/2020	78.27445984
5/31/2020	79.44859072
6/30/2020	87.50685739
7/31/2020	92.63735502
8/31/2020	96.15169627
9/30/2020	98.93435899
10/31/2020	99.92114641
11/30/2020	102.8677406
12/31/2020	105.9166581
1/31/2021	109.7434478
2/28/2021	110.530493
3/31/2021	114.680188
4/30/2021	116.4782862
5/31/2021	117.4938587
6/30/2021	119.4021982
7/31/2021	118.2103721
8/31/2021	119.5258541

Note: Series are seasonally adjusted, comprise of 97% of world trade, and end in August 2021.

Source: Haver Analytics.

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Figure 2 Aggregate Negative Sentiment

Z-value

Date	Supply-Chain	Ship+Container	Chip	Capacity
1/5/2018	0.701577458	0.486425207	0.491695	0.660868
1/12/2018	0.701172707	0.489270269	0.492657	0.65884
1/19/2018	0.730497392	0.511340137	0.490599	0.668131
1/26/2018	0.780401677	0.49376687	0.504987	1.142263
2/3/2018	0.806657268	0.489850727	0.476751	0.902464
2/10/2018	0.74854246	0.692718459	0.475338	0.587143
2/16/2018	0.748515617	0.732300458	0.449253	0.338869
2/23/2018	0.753238905	0.618432076	0.459918	0.208833
3/2/2018	0.762895774	0.684877277	0.477478	0.5459
3/9/2018	0.760904766	0.734645609	0.482465	0.474775
3/16/2018	0.752251084	0.753311706	0.487827	0.479615
3/23/2018	0.747757054	0.749429851	0.490612	0.540076
3/30/2018	0.73514774	0.749236046	0.488882	0.553525
4/6/2018	0.731807584	0.748612768	0.489693	0.568783
4/13/2018	0.736100702	0.729587893	0.489013	0.574229
4/21/2018	0.737861847	0.733252452	0.491647	0.558659
4/27/2018	0.699774264	0.727843842	0.470541	0.236277
5/4/2018	0.680780881	0.698609482	0.469138	0.246974
5/11/2018	0.68736216	0.735993177	0.466716	0.437448
5/18/2018	0.677906371	0.762286344	0.480002	0.485876
5/26/2018	0.669024559	0.838185448	0.477294	0.482994
6/1/2018	0.659033029	0.810781964	0.468177	0.263091
6/8/2018	0.658151036	0.775398852	0.460151	0.28474
6/15/2018	0.66134797	0.744839691	0.453931	0.168717
6/22/2018	0.66001586	0.749798748	0.450237	0.116501
6/29/2018	0.672959426	0.753929489	0.45201	0.115485
7/6/2018	0.673358887	0.748071157	0.45078	0.129472
7/13/2018	0.667591339	0.773865098	0.451005	0.12934
7/21/2018	0.642869914	0.78074759	0.451446	0.059874
7/28/2018	0.65702367	0.732077494	0.449957	0.164691
8/4/2018	0.655958599	0.666355157	0.438382	-0.10951
8/11/2018	0.644886112	0.593114886	0.429065	-0.55736
8/17/2018	0.618652119	0.521897925	0.428641	-0.54964
8/24/2018	0.622720863	0.533494693	0.429126	-0.3729
8/31/2018	0.626826496	0.487820023	0.425001	-0.33814
9/7/2018	0.623444379	0.446541055	0.42214	-0.34646
9/14/2018	0.624516484	0.464004574	0.422919	-0.28293
9/21/2018	0.626801765	0.451049986	0.423074	-0.32761
9/28/2018	0.618769685	0.454221904	0.423126	-0.3216
10/5/2018	0.619508076	0.456647733	0.422322	-0.32011
10/12/2018	0.6185457	0.450962594	0.421711	-0.32178
10/20/2018	0.623905396	0.404945754	0.40938	-0.35614
10/27/2018	0.583955199	0.395969676	0.412047	-0.6552
11/3/2018	0.553176737	0.347563377	0.416348	-0.6953
11/9/2018	0.479820116	0.387010026	0.442917	-0.29353
11/17/2018	0.500269324	0.432438379	0.433995	-0.42661
11/23/2018	0.495621942	0.426419929	0.432369	-0.61039
11/30/2018	0.473125785	0.478391266	0.433507	-0.55631
12/7/2018	0.468380065	0.53078115	0.44153	-0.55968
12/14/2018	0.46969384	0.52370397	0.440991	-0.53041
12/21/2018	0.450414473	0.531903594	0.441015	-0.51284
12/31/2018	0.45385708	0.522274817	0.434863	-0.55306
1/4/2019	0.452931963	0.524575614	0.435534	-0.59299
1/11/2019	0.451271689	0.522342962	0.43625	-0.60967
1/19/2019	0.455717342	0.549678366	0.445067	-0.52344
1/27/2019	0.502516245	0.607958118	0.455394	-0.11934
2/3/2019	0.533811376	0.764063447	0.441055	0.489658
2/10/2019	0.576647198	0.696073218	0.377941	0.566142
2/17/2019	0.623017009	0.61555114	0.335022	0.617826
2/24/2019	0.650077734	0.601334378	0.325364	0.802547
3/1/2019	0.665677351	0.593129963	0.365938	1.084568
3/8/2019	0.674412404	0.593104693	0.379014	1.046737
3/15/2019	0.669052869	0.596353316	0.385554	0.95568
3/22/2019	0.685517585	0.609162646	0.390086	0.917767
3/29/2019	0.687162438	0.627422736	0.398533	0.985683
4/5/2019	0.68258709	0.603455467	0.401201	1.006094
4/12/2019	0.68623603	0.600150957	0.397052	1.014954
4/20/2019	0.679749447	0.592723146	0.382902	0.981163
4/28/2019	0.679198265	0.627479156	0.391868	1.022594
5/4/2019	0.679981037	0.627741958	0.389938	0.957308
5/12/2019	0.708667783	0.574131599	0.411223	1.207734
5/17/2019	0.705360586	0.608125545	0.430093	1.327742
5/26/2019	0.696737972	0.614386972	0.436697	1.336174
6/1/2019	0.703843391	0.586399498	0.416682	1.185404
6/7/2019	0.700700013	0.591365645	0.406997	1.22295
6/14/2019	0.702546681	0.581141295	0.403099	1.327553
6/21/2019	0.706188203	0.52301682	0.399139	1.362908
6/28/2019	0.706018734	0.500522188	0.397052	1.328655
7/5/2019	0.710581401	0.525433583	0.394329	1.349951
7/12/2019	0.711806693	0.533610393	0.400163	1.314687
7/20/2019	0.718629871	0.554273902	0.402555	1.190348
7/27/2019	0.729820739	0.512794272	0.353924	1.146012
8/3/2019	0.74140126	0.456892736	0.35918	1.155987
8/11/2019	0.750094052	0.45968151	0.322026	0.895602
8/18/2019	0.734000704	0.533982016	0.334191	0.866698
8/25/2019	0.727308625	0.542177684	0.337064	0.858027
9/1/2019	0.714097625	0.597121376	0.350349	0.864021
9/6/2019	0.703532955	0.579451279	0.352954	0.853031
9/13/2019	0.705982468	0.571725106	0.350562	0.830465
9/20/2019	0.704915121	0.623683122	0.351032	0.867501
9/27/2019	0.705185679	0.629872918	0.351176	0.880459
10/4/2019	0.703908593	0.624803291	0.351894	0.870522
10/11/2019	0.701112986	0.6118044	0.349327	0.849423
10/20/2019	0.698609584	0.584341053	0.350979	1.015082
10/26/2019	0.666808966	0.520622559	0.363064	0.949986
11/3/2019	0.637284215	0.468458883	0.349996	1.090933
11/10/2019	0.623848726	0.510441424	0.391805	1.233025
11/15/2019	0.661792229	0.421200182	0.383277	1.308942
11/24/2019	0.67406674	0.431386572	0.391486	1.249294
11/29/2019	0.690424678	0.421775559	0.388312	1.209819
12/6/2019	0.70671595	0.450167927	0.386182	1.210853
12/13/2019	0.698655304	0.473299507	0.379587	1.213405
12/20/2019	0.696425074	0.448544664	0.37931	1.168065
12/30/2019	0.696091302	0.439383133	0.376714	1.127007
1/6/2020	0.696648537	0.443703654	0.375858	1.140017
1/13/2020	0.698766611	0.448241439	0.377209	1.169433
1/20/2020	0.697605373	0.459325826	0.383031	1.140664
1/27/2020	0.718662339	0.522624029	0.418508	1.308908
2/3/2020	0.725680224	0.546663322	0.431618	1.155402
2/10/2020	0.6192675	0.584352357	0.402205	0.805411
2/17/2020	0.47548251	0.440495079	0.401483	0.741043
2/24/2020	0.393377451	0.409184765	0.410152	0.847498
3/2/2020	0.260410164	0.409658084	0.420774	1.076118
3/9/2020	0.094929536	0.294079282	0.420389	0.949746
3/16/2020	-0.015380518	0.264232245	0.430483	0.907682
3/23/2020	-0.070178028	0.260096791	0.428051	0.814208
3/30/2020	-0.101187356	0.20818708	0.433379	0.88087
4/6/2020	-0.100565161	0.210809339	0.430644	0.936391
4/13/2020	-0.120582854	0.206749911	0.428049	0.948476
4/20/2020	-0.13444193	0.189554901	0.432518	0.905989
4/27/2020	-0.285788323	0.053886183	0.410433	0.784051
5/4/2020	-0.606654363	-0.043442642	0.420241	0.441721
5/11/2020	-0.820921784	-0.127531282	0.437438	0.222388
5/18/2020	-0.920620964	-0.110851522	0.434	0.163327
5/25/2020	-1.027991833	-0.196420933	0.428508	0.026687
6/1/2020	-1.152569394	-0.332903556	0.423834	-0.27264
6/8/2020	-1.117944202	-0.296884303	0.425536	-0.26035
6/15/2020	-1.088036471	-0.327394644	0.421272	-0.27759
6/22/2020	-1.072538429	-0.320846284	0.423165	-0.1897
6/29/2020	-1.084415758	-0.280889577	0.421741	-0.34513
7/6/2020	-1.098792259	-0.309882182	0.427275	-0.49881
7/13/2020	-1.087589274	-0.295672017	0.431206	-0.53997
7/20/2020	-1.0780257	-0.242852346	0.415212	-0.56994
7/27/2020	-0.964084439	-0.091395584	0.434016	-0.73084
8/3/2020	-0.68406327	0.127258131	0.427569	-0.55237
8/10/2020	-0.402322645	0.369523309	0.4177	-0.16629
8/17/2020	-0.333628769	0.395195961	0.413774	-0.21706
8/24/2020	-0.295391897	0.377691788	0.415896	-0.12096
8/31/2020	-0.251054444	0.424528887	0.421667	-0.01339
9/7/2020	-0.245923795	0.430154685	0.420043	0.003999
9/14/2020	-0.264501867	0.439290175	0.42335	-0.04579
9/21/2020	-0.249148425	0.449554516	0.424731	-0.03409
9/28/2020	-0.228593982	0.46186706	0.423029	-0.01207
10/5/2020	-0.219109365	0.493176096	0.419584	0.08175
10/12/2020	-0.221456452	0.489437304	0.418477	0.133722
10/19/2020	-0.204267514	0.465345424	0.434224	0.0886
10/26/2020	-0.166317752	0.408342487	0.432146	0.181552
11/2/2020	-0.097201192	0.335469819	0.440841	-0.22542
11/9/2020	-0.033119747	0.208707846	0.450505	-0.62448
11/16/2020	-0.022133649	0.080932773	0.446732	-0.6246
11/23/2020	-0.04370723	0.088234432	0.437758	-0.81862
11/30/2020	-0.06039919	0.099718643	0.427947	-0.93636
12/7/2020	-0.056900452	0.112099417	0.424463	-0.94972
12/14/2020	-0.062938322	0.079742007	0.423605	-1.03358
12/21/2020	-0.074247546	0.066266801	0.421409	-1.11692
12/30/2020	-0.074080813	0.045660623	0.418218	-1.13501
1/6/2021	-0.069604869	0.04235171	0.419932	-1.16178
1/13/2021	-0.072036921	0.025556223	0.418782	-1.20772
1/20/2021	-0.087878236	-0.004979792	0.403058	-1.14152
1/27/2021	-0.138648884	-0.172786088	0.333256	-1.1089
2/3/2021	-0.250776156	-0.783339442	0.11284	-0.82194
2/10/2021	-0.518421251	-1.810555436	-0.41136	-1.88865
2/17/2021	-0.53881173	-2.412245364	-0.73619	-1.94667
2/24/2021	-0.388537656	-2.102501361	-0.86639	-1.38898
3/3/2021	-0.439211787	-1.987391948	-0.86584	-1.30992
3/10/2021	-0.46012261	-2.015466795	-0.92854	-1.1777
3/17/2021	-0.445124523	-1.876096392	-0.89767	-0.86508
3/24/2021	-0.461156036	-1.916745964	-0.89414	-0.73642
3/31/2021	-0.445931044	-1.825232619	-0.87388	-0.55858
4/7/2021	-0.451347709	-1.834344645	-0.86637	-0.55417
4/14/2021	-0.46701677	-1.915636685	-0.91215	-0.53568
4/21/2021	-0.503903619	-1.896638319	-0.99463	-0.65176
4/28/2021	-0.705448547	-1.879797614	-1.4442	-1.16028
5/5/2021	-1.074195089	-1.715595217	-1.79238	-1.159
5/12/2021	-1.306496372	-1.671521899	-2.08936	-1.02346
5/19/2021	-1.413862539	-1.446067012	-2.14503	-0.95778
5/26/2021	-1.602772742	-1.60166328	-2.24936	-1.16768
6/2/2021	-1.750142885	-1.669788236	-2.41872	-1.30863
6/9/2021	-1.90732015	-1.748187402	-2.50286	-1.49765
6/16/2021	-1.992019927	-1.820024787	-2.66367	-1.71121
6/23/2021	-2.051462672	-1.843802315	-2.72909	-1.89611
6/30/2021	-2.211318741	-2.019400925	-2.88449	-2.19515
7/7/2021	-2.226400981	-2.059963772	-2.90366	-2.21046
7/14/2021	-2.212580875	-2.051169462	-2.92006	-2.17788
7/21/2021	-2.293887906	-2.133710925	-3.00274	-2.18546
7/28/2021	-2.43234068	-2.32662526	-2.85448	-1.78924
8/4/2021	-2.750640659	-2.300246468	-2.92871	-1.95188
8/11/2021	-3.029383094	-2.522634661	-2.89411	-2.06901
8/18/2021	-3.065081808	-2.758898052	-2.97401	-2.4098
8/25/2021	-3.101772523	-2.849984354	-2.94676	-2.37173
9/1/2021	-3.151373215	-2.811213951	-2.90018	-2.26464
9/8/2021	-3.212515992	-2.769473736	-2.94161	-2.24176
9/15/2021	-3.266694075	-2.798996786	-2.88306	-2.21802
9/21/2021	-3.279881224	-2.733575111	-2.88487	-2.18018

Note: The Aggregate Negative Sentiment Index is constructed by counting the total number of negative sentiment words found within 10 words of the main search term from quarterly firm earnings call transcripts. This sum is then divided by the total number of words within the transcript and then the 90-day moving average of this ratio is calculated. Data are then aggregated to the weekly level by taking the last moving average value for each week and finally the z-value (z-score) is computed. The z-value is a measurement of the number of standard deviations that sentiment series are away from their mean value. Since the sentiment series have different means, the z-values better reflect relative changes in negative sentiment. The gray shading begins in January 2021. The series end on September 21, 2021.

Source: S&P Global Market Intelligence.

Return to text

Figure 3 Industry Negative Sentiment: Suppy-Chain

Z-Value

Date	Semiconductors	Automobiles	Electronics	Other Industries
1/5/2018	NA	0.689628	NA	0.676465
1/11/2018	NA	0.688134	0.879181	NA
1/12/2018	NA	NA	NA	0.676213
1/18/2018	0.898514	NA	0.876313	NA
1/19/2018	NA	NA	NA	0.709328
1/25/2018	0.916852	NA	0.881212	NA
1/26/2018	NA	0.633836	NA	0.768577
2/1/2018	1.001288	NA	0.950219	NA
2/2/2018	NA	0.714895	NA	NA
2/3/2018	NA	NA	NA	0.785184
2/9/2018	0.941589	0.732346	0.883027	NA
2/10/2018	NA	NA	NA	0.720956
2/15/2018	0.990347	NA	NA	NA
2/16/2018	NA	0.722595	0.838512	0.725393
2/22/2018	NA	0.737999	0.858326	NA
2/23/2018	0.970707	NA	NA	0.73113
3/1/2018	0.967136	NA	NA	NA
3/2/2018	NA	0.751062	0.806807	0.740936
3/8/2018	0.967833	0.73847	NA	NA
3/9/2018	NA	NA	0.757244	0.74093
3/15/2018	0.970496	NA	0.768062	NA
3/16/2018	NA	0.733919	NA	0.730118
3/22/2018	0.971757	0.651166	0.758323	NA
3/23/2018	NA	NA	NA	0.730681
3/28/2018	0.972975	0.654751	NA	NA
3/29/2018	NA	NA	0.769817	NA
3/30/2018	NA	NA	NA	0.714855
4/2/2018	NA	0.656486	NA	NA
4/3/2018	NA	NA	0.747239	NA
4/6/2018	NA	NA	NA	0.715234
4/12/2018	NA	0.658186	0.745922	NA
4/13/2018	NA	NA	NA	0.720226
4/20/2018	0.953625	0.658285	0.751117	NA
4/21/2018	NA	NA	NA	0.723516
4/27/2018	0.880247	0.663811	0.74267	0.683426
5/3/2018	0.840567	NA	NA	NA
5/4/2018	NA	0.681582	0.661066	0.665923
5/11/2018	0.860178	0.667998	0.633362	0.671048
5/17/2018	0.838517	NA	NA	NA
5/18/2018	NA	0.611713	0.624446	0.661272
5/22/2018	0.838517	NA	NA	NA
5/24/2018	NA	0.580138	0.605405	NA
5/26/2018	NA	NA	NA	0.653677
5/30/2018	0.84763	NA	NA	NA
5/31/2018	NA	NA	0.631677	NA
6/1/2018	NA	0.554477	NA	0.645312
6/6/2018	NA	0.56279	NA	NA
6/7/2018	0.840081	NA	0.672854	NA
6/8/2018	NA	NA	NA	0.644381
6/14/2018	NA	0.540126	0.668547	NA
6/15/2018	NA	NA	NA	0.650099
6/20/2018	NA	0.622272	NA	NA
6/21/2018	0.828473	NA	0.676666	NA
6/22/2018	NA	NA	NA	0.643703
6/26/2018	0.830213	NA	NA	NA
6/28/2018	NA	NA	0.66503	NA
6/29/2018	NA	NA	NA	0.660141
7/6/2018	NA	NA	NA	0.656313
7/10/2018	NA	NA	0.686751	NA
7/12/2018	0.828473	NA	NA	NA
7/13/2018	NA	NA	NA	0.649471
7/20/2018	0.848924	0.604533	0.642126	NA
7/21/2018	NA	NA	NA	0.61744
7/27/2018	0.907855	0.546607	0.56707	NA
7/28/2018	NA	NA	NA	0.641213
8/2/2018	0.900903	NA	NA	NA
8/3/2018	NA	0.553023	0.628725	NA
8/4/2018	NA	NA	NA	0.63779
8/10/2018	0.887727	0.580572	0.559992	NA
8/11/2018	NA	NA	NA	0.624743
8/16/2018	0.892926	0.593811	NA	NA
8/17/2018	NA	NA	0.484018	0.591408
8/22/2018	0.894172	NA	NA	NA
8/24/2018	NA	NA	0.465113	0.59403
8/29/2018	NA	0.612798	NA	NA
8/30/2018	0.894172	NA	0.475321	NA
8/31/2018	NA	NA	NA	0.598457
9/6/2018	0.892926	NA	0.472804	NA
9/7/2018	NA	0.61075	NA	0.594334
9/13/2018	0.894172	NA	0.473374	NA
9/14/2018	NA	NA	NA	0.595543
9/20/2018	0.892926	NA	NA	NA
9/21/2018	NA	NA	NA	0.598519
9/27/2018	NA	0.608661	0.435555	NA
9/28/2018	NA	NA	NA	0.590487
10/3/2018	NA	NA	0.438253	NA
10/4/2018	0.892926	NA	NA	NA
10/5/2018	NA	NA	NA	0.591258
10/11/2018	NA	NA	0.440926	NA
10/12/2018	NA	NA	NA	0.590289
10/18/2018	0.878433	NA	NA	NA
10/19/2018	NA	0.609358	0.472101	NA
10/20/2018	NA	NA	NA	0.598473
10/25/2018	0.75035	NA	NA	NA
10/26/2018	NA	0.641502	0.414193	NA
10/27/2018	NA	NA	NA	0.551647
11/2/2018	0.77963	0.601598	0.277849	NA
11/3/2018	NA	NA	NA	0.512266
11/8/2018	0.73098	NA	NA	NA
11/9/2018	NA	0.527356	0.255961	0.438326
11/15/2018	0.684358	0.561674	NA	NA
11/16/2018	NA	NA	0.302468	NA
11/17/2018	NA	NA	NA	0.471583
11/20/2018	0.683337	NA	NA	NA
11/23/2018	NA	NA	0.315455	0.46772
11/27/2018	NA	0.561674	NA	NA
11/29/2018	0.683337	NA	0.265866	NA
11/30/2018	NA	NA	NA	0.441418
12/6/2018	0.683337	NA	NA	NA
12/7/2018	NA	NA	0.272868	0.43577
12/12/2018	0.686405	NA	NA	NA
12/13/2018	NA	NA	0.265866	NA
12/14/2018	NA	NA	NA	0.437613
12/18/2018	0.686405	NA	NA	NA
12/20/2018	NA	0.561674	0.19688	NA
12/21/2018	NA	NA	NA	0.428563
12/28/2018	NA	NA	0.223666	NA
12/31/2018	NA	NA	NA	0.431783
1/4/2019	NA	NA	NA	0.430976
1/8/2019	0.683337	NA	NA	NA
1/10/2019	NA	NA	0.223666	NA
1/11/2019	NA	0.552708	NA	0.429518
1/17/2019	0.65146	NA	0.212101	NA
1/19/2019	NA	NA	NA	0.438873
1/24/2019	0.759256	NA	NA	NA
1/25/2019	NA	0.519667	0.320786	NA
1/27/2019	NA	NA	NA	0.48947
2/1/2019	0.730987	0.515326	0.438755	NA
2/3/2019	NA	NA	NA	0.537788
2/7/2019	0.72235	NA	0.647796	NA
2/8/2019	NA	0.613248	NA	NA
2/10/2019	NA	NA	NA	0.588403
2/15/2019	0.827362	0.699754	0.696561	NA
2/17/2019	NA	NA	NA	0.612593
2/22/2019	0.864984	0.71278	0.731877	NA
2/24/2019	NA	NA	NA	0.634916
2/28/2019	0.863294	NA	NA	NA
3/1/2019	NA	0.700634	0.717423	0.649666
3/7/2019	0.871435	0.707473	0.732342	NA
3/8/2019	NA	NA	NA	0.657444
3/14/2019	0.862485	NA	NA	NA
3/15/2019	NA	0.717989	0.750243	0.649236
3/22/2019	0.855622	0.689073	0.837496	0.657305
3/28/2019	0.854016	NA	0.84111	NA
3/29/2019	NA	0.697458	NA	0.658783
4/2/2019	NA	NA	0.820501	NA
4/3/2019	NA	0.69966	NA	NA
4/5/2019	NA	NA	NA	0.657003
4/11/2019	NA	0.709899	0.81954	NA
4/12/2019	NA	NA	NA	0.660739
4/15/2019	NA	0.710879	NA	NA
4/18/2019	0.748308	NA	0.821168	NA
4/20/2019	NA	NA	NA	0.66056
4/26/2019	0.669906	0.715937	0.819984	NA
4/28/2019	NA	NA	NA	0.665867
5/3/2019	0.683044	0.717944	0.73893	NA
5/4/2019	NA	NA	NA	0.679417
5/10/2019	0.728898	0.73781	0.716603	NA
5/12/2019	NA	NA	NA	0.706075
5/16/2019	0.692889	NA	NA	NA
5/17/2019	NA	0.651858	0.721796	0.711075
5/22/2019	0.675538	NA	NA	NA
5/23/2019	NA	0.636826	0.694296	NA
5/26/2019	NA	NA	NA	0.70535
5/30/2019	0.653472	0.644145	0.739376	NA
6/1/2019	NA	NA	NA	0.718313
6/3/2019	NA	0.644145	NA	NA
6/4/2019	0.615741	NA	NA	NA
6/6/2019	NA	NA	0.723861	NA
6/7/2019	NA	NA	NA	0.721887
6/10/2019	NA	0.637011	NA	NA
6/11/2019	NA	NA	0.725097	NA
6/13/2019	0.574686	NA	NA	NA
6/14/2019	NA	NA	NA	0.729757
6/19/2019	NA	0.610039	NA	NA
6/20/2019	NA	NA	0.70329	NA
6/21/2019	NA	NA	NA	0.734208
6/27/2019	NA	NA	0.68939	NA
6/28/2019	0.578331	0.62571	NA	0.737077
7/5/2019	NA	NA	NA	0.73931
7/10/2019	NA	0.62379	NA	NA
7/11/2019	0.586066	NA	NA	NA
7/12/2019	NA	NA	0.705748	0.740462
7/18/2019	0.596913	NA	NA	NA
7/19/2019	NA	0.627593	0.717422	NA
7/20/2019	NA	NA	NA	0.746283
7/26/2019	0.639288	0.645507	0.709773	NA
7/27/2019	NA	NA	NA	0.758237
8/2/2019	0.641216	0.651955	0.751195	NA
8/3/2019	NA	NA	NA	0.751629
8/9/2019	0.626632	NA	0.72785	NA
8/10/2019	NA	0.643526	NA	NA
8/11/2019	NA	NA	NA	0.762183
8/15/2019	0.580308	0.686811	NA	NA
8/16/2019	NA	NA	0.747832	NA
8/18/2019	NA	NA	NA	0.743669
8/23/2019	0.528701	0.703648	0.668207	NA
8/25/2019	NA	NA	NA	0.738694
8/28/2019	NA	0.702613	NA	NA
8/29/2019	NA	NA	0.673196	NA
8/30/2019	0.486954	NA	NA	NA
9/1/2019	NA	NA	NA	0.725612
9/3/2019	0.406069	NA	NA	NA
9/5/2019	NA	0.702613	0.675511	NA
9/6/2019	NA	NA	NA	0.718054
9/12/2019	0.404107	NA	NA	NA
9/13/2019	NA	NA	0.673859	0.721049
9/16/2019	NA	NA	0.677148	NA
9/20/2019	NA	NA	NA	0.719111
9/26/2019	0.39338	0.704205	0.679688	NA
9/27/2019	NA	NA	NA	0.720215
10/3/2019	0.398788	NA	NA	NA
10/4/2019	NA	NA	NA	0.718409
10/8/2019	0.404107	NA	NA	NA
10/10/2019	NA	NA	0.682893	NA
10/11/2019	NA	NA	NA	0.715551
10/17/2019	0.419834	NA	0.671408	NA
10/18/2019	NA	0.701028	NA	NA
10/20/2019	NA	NA	NA	0.711783
10/25/2019	0.391835	0.7129	0.673908	NA
10/26/2019	NA	NA	NA	0.672781
11/1/2019	0.428712	0.704935	0.661159	NA
11/3/2019	NA	NA	NA	0.633596
11/8/2019	0.466135	0.712034	0.69965	NA
11/10/2019	NA	NA	NA	0.614224
11/14/2019	0.525954	NA	NA	NA
11/15/2019	NA	0.724371	0.720192	0.651223
11/21/2019	0.582856	0.724371	NA	NA
11/22/2019	NA	NA	0.797748	NA
11/24/2019	NA	NA	NA	0.661927
11/26/2019	0.552618	NA	NA	NA
11/27/2019	NA	NA	0.797692	NA
11/28/2019	NA	0.723428	NA	NA
11/29/2019	NA	NA	NA	0.68153
12/4/2019	0.714674	NA	NA	NA
12/5/2019	NA	NA	0.796631	NA
12/6/2019	NA	NA	NA	0.69115
12/12/2019	0.743989	NA	0.797692	NA
12/13/2019	NA	NA	NA	0.679184
12/19/2019	0.742622	NA	0.784534	NA
12/20/2019	NA	0.723428	NA	0.679337
12/27/2019	NA	NA	NA	0.676018
12/30/2019	NA	0.72945	NA	NA
1/6/2020	NA	NA	NA	0.677983
1/9/2020	NA	NA	0.788229	NA
1/10/2020	0.737409	NA	NA	NA
1/13/2020	NA	NA	NA	0.680425
1/14/2020	NA	0.72945	NA	NA
1/15/2020	NA	NA	0.78935	NA
1/16/2020	0.810973	NA	NA	NA
1/20/2020	NA	NA	NA	0.673261
1/23/2020	NA	0.720863	NA	NA
1/27/2020	0.893593	NA	0.761797	0.691956
2/3/2020	0.811688	0.73158	0.822481	0.705861
2/10/2020	0.493901	0.635889	0.669756	0.626931
2/14/2020	0.400514	NA	NA	NA
2/17/2020	NA	0.606848	0.522041	0.4704
2/20/2020	0.325497	NA	NA	NA
2/24/2020	NA	0.571457	0.389568	0.380315
2/28/2020	NA	NA	0.322051	NA
3/2/2020	0.346796	0.410541	NA	0.232627
3/5/2020	NA	0.364183	NA	NA
3/9/2020	0.337391	NA	0.156633	0.052157
3/13/2020	0.331535	NA	NA	NA
3/16/2020	NA	0.285595	0.045493	-0.07466
3/19/2020	0.321407	0.189545	NA	NA
3/23/2020	NA	NA	0.038617	-0.13571
3/26/2020	0.290362	NA	NA	NA
3/30/2020	NA	0.13689	0.022879	-0.1635
4/2/2020	0.297629	0.121726	0.045845	NA
4/6/2020	NA	NA	NA	-0.16319
4/9/2020	NA	NA	0.040198	NA
4/10/2020	0.245333	NA	NA	NA
4/13/2020	NA	NA	NA	-0.18199
4/16/2020	0.147842	NA	0.040198	NA
4/20/2020	NA	0.119553	NA	-0.19023
4/24/2020	NA	0.055922	NA	NA
4/27/2020	-0.21806	NA	-0.17759	-0.31871
5/4/2020	-0.84448	-0.03313	-0.57737	-0.62625
5/11/2020	-1.32731	-0.1119	-0.90637	-0.8279
5/15/2020	-1.53924	NA	NA	NA
5/18/2020	NA	-0.29685	-1.01809	-0.9192
5/21/2020	-1.64518	NA	-1.0467	NA
5/22/2020	NA	-0.39758	NA	NA
5/25/2020	NA	NA	NA	-1.02829
5/28/2020	-1.66958	NA	NA	NA
5/29/2020	NA	NA	-1.17151	NA
6/1/2020	NA	-0.45728	NA	-1.14581
6/4/2020	-1.80129	NA	-1.14033	NA
6/5/2020	NA	-0.40574	NA	NA
6/8/2020	NA	NA	NA	-1.09886
6/12/2020	NA	NA	-1.0999	NA
6/15/2020	-2.01889	-0.32341	NA	-1.04921
6/19/2020	NA	NA	-1.12906	NA
6/22/2020	NA	-0.24559	NA	-1.0266
6/28/2020	NA	NA	-1.16442	NA
6/29/2020	-2.17551	-0.25682	NA	-1.03394
7/2/2020	NA	NA	-1.21567	NA
7/3/2020	NA	-0.22179	NA	NA
7/6/2020	NA	NA	NA	-1.04946
7/10/2020	NA	-0.21241	-1.21915	NA
7/13/2020	-2.1798	NA	NA	-1.04053
7/17/2020	-2.01337	-0.189	-1.19512	NA
7/20/2020	NA	NA	NA	-1.04522
7/27/2020	-1.73192	-0.09134	-1.10233	-0.95179
8/3/2020	-1.3195	-0.14772	-0.71624	-0.65163
8/10/2020	-0.86847	-0.11908	-0.36295	-0.3749
8/13/2020	-0.73673	NA	NA	NA
8/17/2020	NA	-0.07061	-0.28522	-0.31617
8/21/2020	-0.70547	NA	NA	NA
8/24/2020	NA	-0.04378	-0.24055	-0.27575
8/27/2020	-0.6984	NA	NA	NA
8/31/2020	NA	0.010787	-0.11142	-0.23811
9/3/2020	-0.66047	-0.00606	NA	NA
9/4/2020	NA	NA	-0.11378	NA
9/7/2020	NA	NA	NA	-0.23406
9/8/2020	-0.63386	NA	NA	NA
9/10/2020	NA	NA	-0.10772	NA
9/14/2020	NA	-0.0744	NA	-0.25262
9/16/2020	NA	NA	-0.10428	NA
9/21/2020	NA	NA	NA	-0.23771
9/24/2020	-0.64267	-0.07163	NA	NA
9/28/2020	NA	NA	-0.04898	-0.21991
9/29/2020	NA	NA	-0.0397	NA
10/1/2020	-0.59363	NA	NA	NA
10/5/2020	NA	NA	NA	-0.20663
10/12/2020	-0.58228	NA	-0.05561	-0.21088
10/15/2020	-0.61036	-0.07842	NA	NA
10/16/2020	NA	NA	-0.04038	NA
10/19/2020	NA	NA	NA	-0.18625
10/23/2020	NA	-0.20017	NA	NA
10/26/2020	-0.69031	NA	0.057716	-0.13095
11/2/2020	-0.20591	-0.17654	0.042342	-0.08679
11/9/2020	-0.05818	-0.17301	0.080822	-0.02602
11/13/2020	-0.0259	NA	NA	NA
11/16/2020	NA	-0.17405	0.144557	-0.00384
11/23/2020	-0.09988	-0.10132	0.109	-0.02761
11/24/2020	-0.10145	NA	NA	NA
11/30/2020	NA	-0.10513	0.068301	-0.04139
12/3/2020	NA	-0.09632	NA	NA
12/7/2020	-0.07715	NA	0.045637	-0.03121
12/10/2020	-0.14384	NA	0.045278	NA
12/14/2020	NA	NA	NA	-0.03744
12/18/2020	NA	-0.09669	NA	NA
12/21/2020	NA	NA	0.052039	-0.04473
12/30/2020	NA	NA	NA	-0.04695
1/5/2021	-0.11662	NA	NA	NA
1/6/2021	NA	NA	NA	-0.04053
1/8/2021	-0.18513	NA	NA	NA
1/12/2021	NA	NA	0.030436	NA
1/13/2021	NA	NA	NA	-0.03493
1/20/2021	-0.13471	-0.28378	0.043448	-0.04834
1/27/2021	-0.13668	-0.31875	-0.03033	-0.11181
2/3/2021	-0.35322	-0.63918	-0.19464	-0.20161
2/10/2021	-0.77457	-1.235	-0.20327	-0.40921
2/17/2021	-0.79062	-1.10293	-0.24853	-0.42296
2/24/2021	-0.66059	-0.98563	-0.32804	-0.26724
3/2/2021	-0.73124	NA	NA	NA
3/3/2021	NA	-1.16939	-0.28854	-0.33558
3/9/2021	-0.66193	NA	NA	NA
3/10/2021	NA	-1.18391	-0.32987	-0.37291
3/17/2021	-0.64825	-1.02466	-0.42081	-0.36793
3/18/2021	-0.62076	NA	NA	NA
3/24/2021	NA	-0.98845	-0.47845	-0.39214
3/31/2021	-0.61091	-0.91052	-0.43013	-0.3858
4/6/2021	-0.66509	NA	NA	NA
4/7/2021	NA	NA	-0.42625	-0.38768
4/9/2021	-0.60813	NA	NA	NA
4/12/2021	NA	NA	-0.42392	NA
4/14/2021	NA	-0.90481	NA	-0.4135
4/20/2021	NA	-0.9558	NA	NA
4/21/2021	-0.72492	NA	-0.52238	-0.44572
4/28/2021	-1.17839	-1.24573	-0.73079	-0.6002
5/5/2021	-1.44434	-1.81482	-1.32661	-0.96352
5/12/2021	-1.50976	-1.94452	-1.6123	-1.23634
5/19/2021	-1.56226	-2.16899	-1.66205	-1.33663
5/26/2021	-1.64995	-2.23266	-1.7642	-1.54251
6/2/2021	-1.71024	-2.26053	-1.85179	-1.69502
6/3/2021	-1.73032	NA	NA	NA
6/4/2021	NA	-2.31612	NA	NA
6/9/2021	NA	NA	-1.92891	-1.85814
6/16/2021	NA	-2.59022	-1.96076	-1.92759
6/21/2021	NA	NA	-1.98929	NA
6/23/2021	NA	-2.67461	NA	-1.98551
6/30/2021	-2.00723	NA	-2.34546	-2.13723
7/1/2021	NA	NA	-2.36629	NA
7/2/2021	NA	-2.86713	NA	NA
7/6/2021	-1.97806	NA	NA	NA
7/7/2021	NA	NA	NA	-2.15822
7/13/2021	-1.99649	-2.83535	NA	NA
7/14/2021	NA	NA	-2.37885	-2.14405
7/21/2021	-1.95528	-2.65476	-2.3538	-2.26035
7/28/2021	-1.89719	-2.30329	-2.50841	-2.45422
8/4/2021	-2.1481	-1.98803	-2.57531	-2.84229
8/11/2021	-2.03953	-2.7566	-2.89888	-3.11272
8/18/2021	-2.02965	-2.57148	-2.9322	-3.17387
8/25/2021	-2.11742	-2.77498	-2.90466	-3.20454
8/31/2021	NA	-2.70884	-3.04521	NA
9/1/2021	-2.09277	NA	NA	-3.26741
9/2/2021	-2.05943	NA	NA	NA
9/8/2021	NA	NA	-3.23943	-3.33747
9/15/2021	-2.07438	NA	-3.34509	-3.40944
9/21/2021	NA	NA	NA	-3.42288

Note: The Industry Negative Sentiment Index is constructed by first filtering firms by S&P Industrial Classifications. The “Automobiles” aggregate consists of firms that are classified as automobiles or automobiles components firms. The “Electronics” aggregate consists of firms that are classified as electronic equipment, instruments and components firms, technology hardware, storage and peripherals firms, or communications equipment firms. The “Semiconductors” aggregate consists of firms that are classified as semiconductors and semiconductor equipment firms. The “Other Industries” aggregate consists of all other S&P Industrial Classifications. The industry series are then constructed by counting the total number of negative sentiment words found within 10 words of the main search term from quarterly firm earnings call transcripts. This sum is then divided by the total number of words within the transcript and then the 90-day moving average of this ratio is calculated. Data are then aggregated to the weekly level by taking the last moving average value for each week and finally the z-value is computed. The z-value is a measurement of the number of standard deviations that sentiment series are away from their mean value. Since the sentiment series have different means, the z-values better reflect relative changes in negative sentiment. The gray shading begins in January 2021. The series end on September 21, 2021.

Source: S&P Global Market Intelligence.

Figure 3 Industry Negative Sentiment: Ship+Container

Z-Value

Date	Semiconductors	Automobiles	Electronics	Other Industries
1/5/2018	NA	0.458473	NA	0.467439
1/11/2018	NA	0.456657	0.338951	NA
1/12/2018	NA	NA	NA	0.471269
1/18/2018	1.51554	NA	0.323939	NA
1/19/2018	NA	NA	NA	0.49652
1/25/2018	1.51554	NA	0.334428	NA
1/26/2018	NA	0.346475	NA	0.492822
2/1/2018	1.43686	NA	0.211396	NA
2/2/2018	NA	0.302296	NA	NA
2/3/2018	NA	NA	NA	0.506676
2/9/2018	0.963912	0.25648	0.132021	NA
2/10/2018	NA	NA	NA	0.775998
2/15/2018	1.038612	NA	NA	NA
2/16/2018	NA	0.290441	0.849536	0.734189
2/22/2018	NA	0.34219	0.846743	NA
2/23/2018	0.988893	NA	NA	0.60291
3/1/2018	1.018425	NA	NA	NA
3/2/2018	NA	0.537126	0.791822	0.669756
3/8/2018	1.023028	0.540178	NA	NA
3/9/2018	NA	NA	0.853245	0.725613
3/15/2018	1.040618	NA	0.86534	NA
3/16/2018	NA	0.548069	NA	0.744818
3/22/2018	1.04895	0.551786	0.867883	NA
3/23/2018	NA	NA	NA	0.739747
3/28/2018	1.056994	0.553162	NA	NA
3/29/2018	NA	NA	0.878729	NA
3/30/2018	NA	NA	NA	0.739048
4/2/2018	NA	0.553828	NA	NA
4/3/2018	NA	NA	0.83169	NA
4/6/2018	NA	NA	NA	0.742223
4/12/2018	NA	0.554481	0.830327	NA
4/13/2018	NA	NA	NA	0.720468
4/20/2018	1.075942	0.55696	0.729549	NA
4/21/2018	NA	NA	NA	0.731847
4/27/2018	0.909879	0.61646	0.455275	0.729877
5/3/2018	0.745133	NA	NA	NA
5/4/2018	NA	0.591875	0.515781	0.703482
5/11/2018	0.907555	0.592835	0.595208	0.739867
5/17/2018	0.835277	NA	NA	NA
5/18/2018	NA	0.592649	0.545976	0.77146
5/22/2018	0.835277	NA	NA	NA
5/24/2018	NA	0.592073	0.499246	NA
5/26/2018	NA	NA	NA	0.857283
5/30/2018	0.844857	NA	NA	NA
5/31/2018	NA	NA	0.426565	NA
6/1/2018	NA	0.58946	NA	0.825694
6/6/2018	NA	0.589217	NA	NA
6/7/2018	0.818862	NA	0.407559	NA
6/8/2018	NA	NA	NA	0.792083
6/14/2018	NA	0.586813	0.375169	NA
6/15/2018	NA	NA	NA	0.760315
6/20/2018	NA	0.585603	NA	NA
6/21/2018	0.778888	NA	0.368337	NA
6/22/2018	NA	NA	NA	0.767588
6/26/2018	0.784877	NA	NA	NA
6/28/2018	NA	NA	0.343406	NA
6/29/2018	NA	NA	NA	0.773206
7/6/2018	NA	NA	NA	0.762928
7/10/2018	NA	NA	0.384111	NA
7/12/2018	0.778888	NA	NA	NA
7/13/2018	NA	NA	NA	0.792364
7/20/2018	0.7728	0.58359	0.509523	NA
7/21/2018	NA	NA	NA	0.790113
7/27/2018	1.056412	0.562206	0.736871	NA
7/28/2018	NA	NA	NA	0.719517
8/2/2018	0.790818	NA	NA	NA
8/3/2018	NA	0.555954	0.296415	NA
8/4/2018	NA	NA	NA	0.665964
8/10/2018	0.706968	0.422267	0.210818	NA
8/11/2018	NA	NA	NA	0.591488
8/16/2018	0.734147	0.416872	NA	NA
8/17/2018	NA	NA	-0.27664	0.510853
8/22/2018	0.740658	NA	NA	NA
8/24/2018	NA	NA	-0.2132	0.524763
8/29/2018	NA	0.405132	NA	NA
8/30/2018	0.740658	NA	-0.14929	NA
8/31/2018	NA	NA	NA	0.472387
9/6/2018	0.734147	NA	-0.10049	NA
9/7/2018	NA	0.40304	NA	0.421311
9/13/2018	0.740658	NA	-0.10608	NA
9/14/2018	NA	NA	NA	0.441018
9/20/2018	0.734147	NA	NA	NA
9/21/2018	NA	NA	NA	0.426925
9/27/2018	NA	0.400905	-0.10608	NA
9/28/2018	NA	NA	NA	0.430148
10/3/2018	NA	NA	-0.10049	NA
10/4/2018	0.734147	NA	NA	NA
10/5/2018	NA	NA	NA	0.432704
10/11/2018	NA	NA	-0.09495	NA
10/12/2018	NA	NA	NA	0.426478
10/18/2018	0.319648	NA	NA	NA
10/19/2018	NA	0.40304	-0.12315	NA
10/20/2018	NA	NA	NA	0.390937
10/25/2018	0.014295	NA	NA	NA
10/26/2018	NA	0.405446	-0.13661	NA
10/27/2018	NA	NA	NA	0.390339
11/2/2018	0.495862	0.313788	0.112687	NA
11/3/2018	NA	NA	NA	0.317531
11/8/2018	0.344108	NA	NA	NA
11/9/2018	NA	0.476754	0.114931	0.355582
11/15/2018	0.323375	0.476754	NA	NA
11/16/2018	NA	NA	0.311482	NA
11/17/2018	NA	NA	NA	0.417426
11/20/2018	0.354207	NA	NA	NA
11/23/2018	NA	NA	0.296585	0.410969
11/27/2018	NA	0.476754	NA	NA
11/29/2018	0.354207	NA	0.28893	NA
11/30/2018	NA	NA	NA	0.470337
12/6/2018	0.354207	NA	NA	NA
12/7/2018	NA	NA	0.296585	0.529614
12/12/2018	0.364133	NA	NA	NA
12/13/2018	NA	NA	0.28893	NA
12/14/2018	NA	NA	NA	0.521864
12/18/2018	0.364133	NA	NA	NA
12/20/2018	NA	0.476754	0.300361	NA
12/21/2018	NA	NA	NA	0.530441
12/28/2018	NA	NA	0.28893	NA
12/31/2018	NA	NA	NA	0.520466
1/4/2019	NA	NA	NA	0.523325
1/8/2019	0.354207	NA	NA	NA
1/10/2019	NA	NA	0.28893	NA
1/11/2019	NA	0.445796	NA	0.522794
1/17/2019	0.73178	NA	0.269156	NA
1/19/2019	NA	NA	NA	0.539856
1/24/2019	0.80957	NA	NA	NA
1/25/2019	NA	0.38735	0.311771	NA
1/27/2019	NA	NA	NA	0.606106
2/1/2019	0.785128	0.564435	0.330817	NA
2/3/2019	NA	NA	NA	0.772665
2/7/2019	1.032509	NA	0.528937	NA
2/8/2019	NA	0.550345	NA	NA
2/10/2019	NA	NA	NA	0.690838
2/15/2019	1.115611	0.565274	0.861555	NA
2/17/2019	NA	NA	NA	0.572308
2/22/2019	0.993348	0.573574	0.892539	NA
2/24/2019	NA	NA	NA	0.56193
2/28/2019	0.988375	NA	NA	NA
3/1/2019	NA	0.577758	0.869063	0.555746
3/7/2019	1.012337	0.539103	0.695478	NA
3/8/2019	NA	NA	NA	0.567397
3/14/2019	1.038364	NA	NA	NA
3/15/2019	NA	0.546355	0.727096	0.568353
3/22/2019	1.05427	0.524863	0.736621	0.583833
3/28/2019	1.065521	NA	0.743919	NA
3/29/2019	NA	0.530745	NA	0.603361
4/2/2019	NA	NA	0.754362	NA
4/3/2019	NA	0.532289	NA	NA
4/5/2019	NA	NA	NA	0.575428
4/11/2019	NA	0.56088	0.670821	NA
4/12/2019	NA	NA	NA	0.56995
4/15/2019	NA	0.561376	NA	NA
4/18/2019	1.065521	NA	0.686912	NA
4/20/2019	NA	NA	NA	0.560635
4/26/2019	1.111508	0.567497	0.709011	NA
4/28/2019	NA	NA	NA	0.597343
5/3/2019	1.131978	0.541966	0.659253	NA
5/4/2019	NA	NA	NA	0.601054
5/10/2019	1.217375	0.548599	0.373355	NA
5/12/2019	NA	NA	NA	0.539783
5/16/2019	1.183126	NA	NA	NA
5/17/2019	NA	0.544666	0.441837	0.580757
5/22/2019	1.234478	NA	NA	NA
5/23/2019	NA	0.541966	0.382252	NA
5/26/2019	NA	NA	NA	0.585561
5/30/2019	1.076551	0.539057	0.310988	NA
6/1/2019	NA	NA	NA	0.566135
6/3/2019	NA	0.539057	NA	NA
6/4/2019	0.973316	NA	NA	NA
6/6/2019	NA	NA	0.423229	NA
6/7/2019	NA	NA	NA	0.567567
6/10/2019	NA	0.509467	NA	NA
6/11/2019	NA	NA	0.426063	NA
6/13/2019	0.928872	NA	NA	NA
6/14/2019	NA	NA	NA	0.56336
6/19/2019	NA	0.474568	NA	NA
6/20/2019	NA	NA	0.371253	NA
6/21/2019	NA	NA	NA	0.499369
6/27/2019	NA	NA	0.357882	NA
6/28/2019	0.811893	0.444594	NA	0.481909
7/5/2019	NA	NA	NA	0.51142
7/10/2019	NA	0.442893	NA	NA
7/11/2019	0.82362	NA	NA	NA
7/12/2019	NA	NA	0.418003	0.520134
7/18/2019	0.82362	NA	NA	NA
7/19/2019	NA	0.446263	0.430655	NA
7/20/2019	NA	NA	NA	0.542687
7/26/2019	0.232298	0.437659	0.36232	NA
7/27/2019	NA	NA	NA	0.525496
8/2/2019	-0.91628	0.470854	0.460771	NA
8/3/2019	NA	NA	NA	0.502767
8/9/2019	-1.89294	NA	0.635418	NA
8/10/2019	NA	0.467056	NA	NA
8/11/2019	NA	NA	NA	0.542186
8/15/2019	-1.74851	0.46961	NA	NA
8/16/2019	NA	NA	0.606068	NA
8/18/2019	NA	NA	NA	0.62407
8/23/2019	-1.69411	0.464412	0.623181	NA
8/25/2019	NA	NA	NA	0.632033
8/28/2019	NA	0.463054	NA	NA
8/29/2019	NA	NA	0.709689	NA
8/30/2019	-1.44157	NA	NA	NA
9/1/2019	NA	NA	NA	0.677239
9/3/2019	-1.33258	NA	NA	NA
9/5/2019	NA	0.463054	0.70584	NA
9/6/2019	NA	NA	NA	0.652687
9/12/2019	-1.33258	NA	NA	NA
9/13/2019	NA	NA	0.703889	0.639062
9/16/2019	NA	NA	0.707773	NA
9/20/2019	NA	NA	NA	0.695887
9/26/2019	-1.37603	0.545707	0.707773	NA
9/27/2019	NA	NA	NA	0.699493
10/3/2019	-1.35193	NA	NA	NA
10/4/2019	NA	NA	NA	0.693254
10/8/2019	-1.32824	NA	NA	NA
10/10/2019	NA	NA	0.645835	NA
10/11/2019	NA	NA	NA	0.679518
10/17/2019	-1.70723	NA	0.629993	NA
10/18/2019	NA	0.585365	NA	NA
10/20/2019	NA	NA	NA	0.66344
10/25/2019	-1.57129	0.61646	0.694752	NA
10/26/2019	NA	NA	NA	0.5823
11/1/2019	-0.66937	0.61646	0.446959	NA
11/3/2019	NA	NA	NA	0.484663
11/8/2019	0.002354	0.61646	0.255171	NA
11/10/2019	NA	NA	NA	0.51818
11/14/2019	-0.13859	NA	NA	NA
11/15/2019	NA	0.61646	0.322475	0.421249
11/21/2019	-0.15284	0.61646	NA	NA
11/22/2019	NA	NA	0.293965	NA
11/24/2019	NA	NA	NA	0.433745
11/26/2019	-0.13859	NA	NA	NA
11/27/2019	NA	NA	0.30154	NA
11/28/2019	NA	0.61646	NA	NA
11/29/2019	NA	NA	NA	0.424403
12/4/2019	-0.18211	NA	NA	NA
12/5/2019	NA	NA	0.29777	NA
12/6/2019	NA	NA	NA	0.456653
12/12/2019	-0.16735	NA	0.30154	NA
12/13/2019	NA	NA	NA	0.482428
12/19/2019	-0.13859	NA	0.305275	NA
12/20/2019	NA	0.61646	NA	0.45378
12/27/2019	NA	NA	NA	0.442141
12/30/2019	NA	0.61646	NA	NA
1/6/2020	NA	NA	NA	0.446406
1/9/2020	NA	NA	0.286912	NA
1/10/2020	-0.0723	NA	NA	NA
1/13/2020	NA	NA	NA	0.451277
1/14/2020	NA	0.61646	NA	NA
1/15/2020	NA	NA	0.290802	NA
1/16/2020	0.237065	NA	NA	NA
1/20/2020	NA	NA	NA	0.45196
1/23/2020	NA	0.61646	NA	NA
1/27/2020	0.419399	NA	0.195898	0.518562
2/3/2020	-0.33087	0.61646	0.415918	0.570678
2/10/2020	0.1242	0.61646	0.756087	0.587368
2/14/2020	-0.42589	NA	NA	NA
2/17/2020	NA	0.61646	0.6481	0.454754
2/20/2020	-0.40016	NA	NA	NA
2/24/2020	NA	0.550417	0.73095	0.421665
2/28/2020	NA	NA	0.67161	NA
3/2/2020	-0.31147	0.339967	NA	0.432442
3/5/2020	NA	0.27645	NA	NA
3/9/2020	-0.23063	NA	0.677521	0.301454
3/13/2020	-0.21778	NA	NA	NA
3/16/2020	NA	0.20757	0.606057	0.27215
3/19/2020	-0.421	0.114154	NA	NA
3/23/2020	NA	NA	0.561409	0.281486
3/26/2020	-0.33093	NA	NA	NA
3/30/2020	NA	0.131475	0.52819	0.21777
4/2/2020	-0.30274	0.143702	0.54307	NA
4/6/2020	NA	NA	NA	0.218204
4/9/2020	NA	NA	0.511505	NA
4/10/2020	-0.41198	NA	NA	NA
4/13/2020	NA	NA	NA	0.220399
4/16/2020	-0.58061	NA	0.511505	NA
4/20/2020	NA	0.151516	NA	0.207527
4/24/2020	NA	0.173482	NA	NA
4/27/2020	-0.44134	NA	0.229961	0.05316
5/4/2020	-0.76339	0.159076	-0.01693	-0.02561
5/11/2020	-1.5042	0.134582	-0.07641	-0.09346
5/15/2020	-1.62064	NA	NA	NA
5/18/2020	NA	0.111076	-0.1269	-0.07762
5/21/2020	-1.71423	NA	-0.22753	NA
5/22/2020	NA	0.14247	NA	NA
5/25/2020	NA	NA	NA	-0.17014
5/28/2020	-1.91848	NA	NA	NA
5/29/2020	NA	NA	-0.26631	NA
6/1/2020	NA	0.288559	NA	-0.31956
6/4/2020	-2.05933	NA	-0.3131	NA
6/5/2020	NA	0.356629	NA	NA
6/8/2020	NA	NA	NA	-0.27472
6/12/2020	NA	NA	-0.28518	NA
6/15/2020	-2.26556	0.439544	NA	-0.31024
6/19/2020	NA	NA	-0.48847	NA
6/22/2020	NA	0.560232	NA	-0.29944
6/28/2020	NA	NA	-0.48794	NA
6/29/2020	-2.32028	0.526702	NA	-0.24768
7/2/2020	NA	NA	-0.60349	NA
7/3/2020	NA	0.526702	NA	NA
7/6/2020	NA	NA	NA	-0.27925
7/10/2020	NA	0.52751	-0.51844	NA
7/13/2020	-2.23512	NA	NA	-0.27177
7/17/2020	-2.02167	0.529085	-0.46394	NA
7/20/2020	NA	NA	NA	-0.2219
7/27/2020	-2.1122	0.532787	-0.20933	-0.05606
8/3/2020	-1.00167	0.542224	0.168177	0.130146
8/10/2020	0.090024	0.587273	0.282017	0.353174
8/13/2020	0.610633	NA	NA	NA
8/17/2020	NA	0.589272	0.362694	0.365903
8/21/2020	0.617758	NA	NA	NA
8/24/2020	NA	0.590172	0.383406	0.34499
8/27/2020	0.779055	NA	NA	NA
8/31/2020	NA	0.589457	0.399243	0.392909
9/3/2020	0.829884	0.588894	NA	NA
9/4/2020	NA	NA	0.396324	NA
9/7/2020	NA	NA	NA	0.39828
9/8/2020	0.840597	NA	NA	NA
9/10/2020	NA	NA	0.396324	NA
9/14/2020	NA	0.587696	NA	0.40918
9/16/2020	NA	NA	0.384405	NA
9/21/2020	NA	NA	NA	0.407206
9/24/2020	0.840597	0.586159	NA	NA
9/28/2020	NA	NA	0.655068	0.418076
9/29/2020	NA	NA	0.734157	NA
10/1/2020	0.887021	NA	NA	NA
10/5/2020	NA	NA	NA	0.453455
10/12/2020	0.877123	NA	0.732529	0.449577
10/15/2020	0.851281	0.61646	NA	NA
10/16/2020	NA	NA	0.718993	NA
10/19/2020	NA	NA	NA	0.424148
10/23/2020	NA	0.591042	NA	NA
10/26/2020	0.728993	NA	0.635711	0.372613
11/2/2020	0.824832	0.433655	0.479488	0.309623
11/9/2020	0.495628	0.413154	0.500331	0.181089
11/13/2020	0.398859	NA	NA	NA
11/16/2020	NA	0.187394	0.444968	0.059003
11/23/2020	0.424628	-0.00209	0.474385	0.079783
11/24/2020	0.432956	NA	NA	NA
11/30/2020	NA	-0.01399	0.431061	0.094711
12/3/2020	NA	-0.00798	NA	NA
12/7/2020	0.451132	NA	0.442795	0.108495
12/10/2020	0.451132	NA	0.431061	NA
12/14/2020	NA	NA	NA	0.072826
12/18/2020	NA	-0.00798	NA	NA
12/21/2020	NA	NA	0.439899	0.057173
12/30/2020	NA	NA	NA	0.036789
1/5/2021	0.425587	NA	NA	NA
1/6/2021	NA	NA	NA	0.033531
1/8/2021	0.451132	NA	NA	NA
1/12/2021	NA	NA	0.415812	NA
1/13/2021	NA	NA	NA	0.011146
1/20/2021	0.576945	-0.03271	0.417013	-0.02561
1/27/2021	0.67266	-0.16297	0.291033	-0.21759
2/3/2021	0.188416	-0.44624	-0.08143	-0.87654
2/10/2021	-0.00784	-1.59794	-0.06743	-1.93395
2/17/2021	-0.46689	-2.65987	-0.72107	-2.45932
2/24/2021	-0.44745	-2.49923	-0.63007	-2.1124
3/2/2021	-0.3703	NA	NA	NA
3/3/2021	NA	-2.20731	-0.98057	-2.02315
3/9/2021	-0.30582	NA	NA	NA
3/10/2021	NA	-2.08688	-0.88396	-2.06603
3/17/2021	-0.24561	-1.86815	-0.74651	-1.93012
3/18/2021	-0.32293	NA	NA	NA
3/24/2021	NA	-1.81983	-0.68807	-1.97858
3/31/2021	-0.25111	-1.66757	-0.6996	-1.89171
4/6/2021	-0.51811	NA	NA	NA
4/7/2021	NA	NA	-0.65459	-1.89459
4/9/2021	-0.51811	NA	NA	NA
4/12/2021	NA	NA	-0.66194	NA
4/14/2021	NA	-1.64986	NA	-1.98616
4/20/2021	NA	-1.65671	NA	NA
4/21/2021	-0.53628	NA	-0.6566	-1.96426
4/28/2021	-0.59015	-1.71417	-0.93294	-1.91054
5/5/2021	-1.05035	-1.77901	-0.7363	-1.70233
5/12/2021	-0.89234	-1.63513	-1.65541	-1.64637
5/19/2021	-0.53139	-1.74406	-1.31309	-1.41397
5/26/2021	-0.59917	-1.51087	-1.48394	-1.60101
6/2/2021	-0.64253	-1.84604	-1.3652	-1.6381
6/3/2021	-0.64253	NA	NA	NA
6/4/2021	NA	-1.89996	NA	NA
6/9/2021	NA	NA	-1.91021	-1.71508
6/16/2021	NA	-1.98189	-2.06232	-1.77672
6/21/2021	NA	NA	-2.193	NA
6/23/2021	NA	-2.04487	NA	-1.78758
6/30/2021	-1.20579	NA	-2.35134	-1.94625
7/1/2021	NA	NA	-2.38041	NA
7/2/2021	NA	-2.20686	NA	NA
7/6/2021	-0.93789	NA	NA	NA
7/7/2021	NA	NA	NA	-2.00144
7/13/2021	-0.95768	-2.18253	NA	NA
7/14/2021	NA	NA	-2.53423	-1.99219
7/21/2021	-0.90868	-2.23742	-2.57678	-2.08373
7/28/2021	-1.88159	-2.30667	-2.86436	-2.24675
8/4/2021	-1.15092	-2.03424	-4.1155	-2.25959
8/11/2021	-1.40548	-2.69579	-3.69382	-2.49461
8/18/2021	-1.5918	-2.73535	-3.63501	-2.75034
8/25/2021	-1.83958	-2.92981	-3.42232	-2.83428
8/31/2021	NA	-2.90086	-3.36543	NA
9/1/2021	-1.81416	NA	NA	-2.8099
9/2/2021	-1.81416	NA	NA	NA
9/8/2021	NA	NA	-2.86123	-2.76129
9/15/2021	-2.11977	NA	-2.81183	-2.78244
9/21/2021	NA	NA	NA	-2.71407

Source: S&P Global Market Intelligence.

Figure 3 Industry Negative Sentiment: Chip

Z-Value

Date	Semiconductors	Automobiles	Electronics	Other Industries
1/5/2018	NA	0.443366	NA	0.468782
1/11/2018	NA	0.443366	0.556579	NA
1/12/2018	NA	NA	NA	0.470433
1/18/2018	0.897906	NA	0.567141	NA
1/19/2018	NA	NA	NA	0.469116
1/25/2018	0.968066	NA	0.585785	NA
1/26/2018	NA	0.443366	NA	0.484404
2/1/2018	0.93856	NA	0.511368	NA
2/2/2018	NA	0.443366	NA	NA
2/3/2018	NA	NA	NA	0.442497
2/9/2018	0.983316	0.443366	0.489102	NA
2/10/2018	NA	NA	NA	0.438494
2/15/2018	0.848346	NA	NA	NA
2/16/2018	NA	0.433245	0.493174	0.43135
2/22/2018	NA	0.434852	0.506724	NA
2/23/2018	0.866284	NA	NA	0.434069
3/1/2018	0.885597	NA	NA	NA
3/2/2018	NA	0.436214	0.518756	0.450924
3/8/2018	0.888607	0.436489	NA	NA
3/9/2018	NA	NA	0.517005	0.452254
3/15/2018	0.90011	NA	0.522773	NA
3/16/2018	NA	0.4372	NA	0.45723
3/22/2018	0.905559	0.437536	0.523986	NA
3/23/2018	NA	NA	NA	0.460296
3/28/2018	0.910819	0.43766	NA	NA
3/29/2018	NA	NA	0.529159	NA
3/30/2018	NA	NA	NA	0.455825
4/2/2018	NA	0.43772	NA	NA
4/3/2018	NA	NA	0.530787	NA
4/6/2018	NA	NA	NA	0.456718
4/12/2018	NA	0.437778	0.53025	NA
4/13/2018	NA	NA	NA	0.455391
4/20/2018	0.913755	0.438002	0.519281	NA
4/21/2018	NA	NA	NA	0.459534
4/27/2018	0.889809	0.438781	0.491688	0.430277
5/3/2018	0.82999	NA	NA	NA
5/4/2018	NA	0.439005	0.494066	0.452119
5/11/2018	0.679839	0.439175	0.504601	0.461562
5/17/2018	0.758534	NA	NA	NA
5/18/2018	NA	0.443366	0.50513	0.465872
5/22/2018	0.758534	NA	NA	NA
5/24/2018	NA	0.443366	0.49328	NA
5/26/2018	NA	NA	NA	0.466925
5/30/2018	0.728166	NA	NA	NA
5/31/2018	NA	NA	0.484418	NA
6/1/2018	NA	0.443366	NA	0.460119
6/6/2018	NA	0.443366	NA	NA
6/7/2018	0.660371	NA	0.487751	NA
6/8/2018	NA	NA	NA	0.459698
6/14/2018	NA	0.443366	0.480597	NA
6/15/2018	NA	NA	NA	0.455687
6/20/2018	NA	0.443366	NA	NA
6/21/2018	0.628795	NA	0.479088	NA
6/22/2018	NA	NA	NA	0.452699
6/26/2018	0.633526	NA	NA	NA
6/28/2018	NA	NA	0.473582	NA
6/29/2018	NA	NA	NA	0.458143
7/6/2018	NA	NA	NA	0.457214
7/10/2018	NA	NA	0.471109	NA
7/12/2018	0.628795	NA	NA	NA
7/13/2018	NA	NA	NA	0.457427
7/20/2018	0.587967	0.443366	0.488527	NA
7/21/2018	NA	NA	NA	0.462079
7/27/2018	0.534494	0.443366	0.450349	NA
7/28/2018	NA	NA	NA	0.464941
8/2/2018	0.641395	NA	NA	NA
8/3/2018	NA	0.443366	0.410467	NA
8/4/2018	NA	NA	NA	0.437301
8/10/2018	0.559142	0.443366	0.393717	NA
8/11/2018	NA	NA	NA	0.425572
8/16/2018	0.562229	0.443366	NA	NA
8/17/2018	NA	NA	0.393717	0.427193
8/22/2018	0.567633	NA	NA	NA
8/24/2018	NA	NA	0.403346	0.426156
8/29/2018	NA	0.443366	NA	NA
8/30/2018	0.550967	NA	0.407735	NA
8/31/2018	NA	NA	NA	0.420353
9/6/2018	0.59864	NA	0.406653	NA
9/7/2018	NA	0.443366	NA	0.407936
9/13/2018	0.603741	NA	0.405561	NA
9/14/2018	NA	NA	NA	0.408711
9/20/2018	0.59864	NA	NA	NA
9/21/2018	NA	NA	NA	0.408942
9/27/2018	NA	0.443366	0.405561	NA
9/28/2018	NA	NA	NA	0.408942
10/3/2018	NA	NA	0.406653	NA
10/4/2018	0.585207	NA	NA	NA
10/5/2018	NA	NA	NA	0.409223
10/11/2018	NA	NA	0.404149	NA
10/12/2018	NA	NA	NA	0.408861
10/18/2018	0.611478	NA	NA	NA
10/19/2018	NA	0.443366	0.346284	NA
10/20/2018	NA	NA	NA	0.385108
10/25/2018	0.604708	NA	NA	NA
10/26/2018	NA	0.434334	0.335372	NA
10/27/2018	NA	NA	NA	0.390555
11/2/2018	0.556193	0.434809	0.400605	NA
11/3/2018	NA	NA	NA	0.383136
11/8/2018	0.723839	NA	NA	NA
11/9/2018	NA	0.434985	0.437028	0.401508
11/15/2018	0.702552	0.434985	NA	NA
11/16/2018	NA	NA	0.405044	NA
11/17/2018	NA	NA	NA	0.39026
11/20/2018	0.715694	NA	NA	NA
11/23/2018	NA	NA	0.400625	0.389223
11/27/2018	NA	0.434985	NA	NA
11/29/2018	0.702003	NA	0.398355	NA
11/30/2018	NA	NA	NA	0.394186
12/6/2018	0.702003	NA	NA	NA
12/7/2018	NA	NA	0.400625	0.407597
12/12/2018	0.706351	NA	NA	NA
12/13/2018	NA	NA	0.398355	NA
12/14/2018	NA	NA	NA	0.407012
12/18/2018	0.706351	NA	NA	NA
12/20/2018	NA	0.434985	0.401745	NA
12/21/2018	NA	NA	NA	0.406928
12/28/2018	NA	NA	0.398355	NA
12/31/2018	NA	NA	NA	0.39764
1/4/2019	NA	NA	NA	0.397036
1/8/2019	0.715784	NA	NA	NA
1/10/2019	NA	NA	0.402024	NA
1/11/2019	NA	0.435071	NA	0.398131
1/17/2019	0.708624	NA	0.445064	NA
1/19/2019	NA	NA	NA	0.413934
1/24/2019	0.616161	NA	NA	NA
1/25/2019	NA	0.443366	0.516682	NA
1/27/2019	NA	NA	NA	0.43882
2/1/2019	0.441656	0.443366	0.539637	NA
2/3/2019	NA	NA	NA	0.4341
2/7/2019	0.31165	NA	0.417824	NA
2/8/2019	NA	0.443366	NA	NA
2/10/2019	NA	NA	NA	0.389596
2/15/2019	0.019749	0.443366	0.43994	NA
2/17/2019	NA	NA	NA	0.39168
2/22/2019	0.037023	0.443366	0.346128	NA
2/24/2019	NA	NA	NA	0.361922
2/28/2019	0.060017	NA	NA	NA
3/1/2019	NA	0.443366	0.347548	0.388224
3/7/2019	0.11232	0.443366	0.361828	NA
3/8/2019	NA	NA	NA	0.395994
3/14/2019	0.111057	NA	NA	NA
3/15/2019	NA	0.443366	0.367007	0.402076
3/22/2019	0.147712	0.443366	0.358247	0.403386
3/28/2019	0.151847	NA	0.363674	NA
3/29/2019	NA	0.443366	NA	0.414376
4/2/2019	NA	NA	0.37144	NA
4/3/2019	NA	0.443366	NA	NA
4/5/2019	NA	NA	NA	0.416416
4/11/2019	NA	0.443366	0.362589	NA
4/12/2019	NA	NA	NA	0.408948
4/15/2019	NA	0.443366	NA	NA
4/18/2019	-0.0114	NA	0.344403	NA
4/20/2019	NA	NA	NA	0.40518
4/26/2019	0.141706	0.443366	0.342167	NA
4/28/2019	NA	NA	NA	0.401406
5/3/2019	0.265028	0.443366	0.306975	NA
5/4/2019	NA	NA	NA	0.383217
5/10/2019	0.307333	0.443366	0.374586	NA
5/12/2019	NA	NA	NA	0.403587
5/16/2019	0.462919	NA	NA	NA
5/17/2019	NA	0.443366	0.380757	0.405583
5/22/2019	0.430555	NA	NA	NA
5/23/2019	NA	0.443366	0.44212	NA
5/26/2019	NA	NA	NA	0.414359
5/30/2019	0.450153	0.443366	0.411854	NA
6/1/2019	NA	NA	NA	0.388326
6/3/2019	NA	0.443366	NA	NA
6/4/2019	0.429727	NA	NA	NA
6/6/2019	NA	NA	0.403293	NA
6/7/2019	NA	NA	NA	0.380322
6/10/2019	NA	0.443366	NA	NA
6/11/2019	NA	NA	0.404275	NA
6/13/2019	0.420932	NA	NA	NA
6/14/2019	NA	NA	NA	0.373762
6/19/2019	NA	0.443366	NA	NA
6/20/2019	NA	NA	0.413345	NA
6/21/2019	NA	NA	NA	0.371354
6/27/2019	NA	NA	0.409211	NA
6/28/2019	0.416875	0.443366	NA	0.367806
7/5/2019	NA	NA	NA	0.365082
7/10/2019	NA	0.443366	NA	NA
7/11/2019	0.430105	NA	NA	NA
7/12/2019	NA	NA	0.410245	0.374398
7/18/2019	0.578788	NA	NA	NA
7/19/2019	NA	0.443366	0.447421	NA
7/20/2019	NA	NA	NA	0.354677
7/26/2019	0.141683	0.443366	0.460121	NA
7/27/2019	NA	NA	NA	0.333241
8/2/2019	0.26214	0.443366	0.411509	NA
8/3/2019	NA	NA	NA	0.322163
8/9/2019	0.023968	NA	0.397895	NA
8/10/2019	NA	0.443366	NA	NA
8/11/2019	NA	NA	NA	0.290549
8/15/2019	0.119341	0.443366	NA	NA
8/16/2019	NA	NA	0.406952	NA
8/18/2019	NA	NA	NA	0.303058
8/23/2019	0.085114	0.443366	0.391219	NA
8/25/2019	NA	NA	NA	0.312887
8/28/2019	NA	0.443366	NA	NA
8/29/2019	NA	NA	0.433558	NA
8/30/2019	0.066773	NA	NA	NA
9/1/2019	NA	NA	NA	0.335899
9/3/2019	0.08277	NA	NA	NA
9/5/2019	NA	0.443366	0.431583	NA
9/6/2019	NA	NA	NA	0.337458
9/12/2019	0.061562	NA	NA	NA
9/13/2019	NA	NA	0.430582	0.335929
9/16/2019	NA	NA	0.432575	NA
9/20/2019	NA	NA	NA	0.336441
9/26/2019	0.042249	0.443366	0.432575	NA
9/27/2019	NA	NA	NA	0.336587
10/3/2019	0.051986	NA	NA	NA
10/4/2019	NA	NA	NA	0.337241
10/8/2019	0.061562	NA	NA	NA
10/10/2019	NA	NA	0.429919	NA
10/11/2019	NA	NA	NA	0.334206
10/17/2019	0.044177	NA	0.390857	NA
10/18/2019	NA	0.443366	NA	NA
10/20/2019	NA	NA	NA	0.339632
10/25/2019	0.390047	0.438951	0.257781	NA
10/26/2019	NA	NA	NA	0.323005
11/1/2019	0.174705	0.438859	0.373367	NA
11/3/2019	NA	NA	NA	0.332192
11/8/2019	0.420666	0.438951	0.384425	NA
11/10/2019	NA	NA	NA	0.362188
11/14/2019	0.360998	NA	NA	NA
11/15/2019	NA	0.439124	0.369603	0.354348
11/21/2019	0.443523	0.439124	NA	NA
11/22/2019	NA	NA	0.378341	NA
11/24/2019	NA	NA	NA	0.358089
11/26/2019	0.45008	NA	NA	NA
11/27/2019	NA	NA	0.380784	NA
11/28/2019	NA	0.439082	NA	NA
11/29/2019	NA	NA	NA	0.351956
12/4/2019	0.459404	NA	NA	NA
12/5/2019	NA	NA	0.369968	NA
12/6/2019	NA	NA	NA	0.351472
12/12/2019	0.369872	NA	0.371227	NA
12/13/2019	NA	NA	NA	0.353869
12/19/2019	0.384245	NA	0.372476	NA
12/20/2019	NA	0.439082	NA	0.353425
12/27/2019	NA	NA	NA	0.351067
12/30/2019	NA	0.439039	NA	NA
1/6/2020	NA	NA	NA	0.350001
1/9/2020	NA	NA	0.369509	NA
1/10/2020	0.369872	NA	NA	NA
1/13/2020	NA	NA	NA	0.351924
1/14/2020	NA	0.439039	NA	NA
1/15/2020	NA	NA	0.370794	NA
1/16/2020	0.329997	NA	NA	NA
1/20/2020	NA	NA	NA	0.367159
1/23/2020	NA	0.438153	NA	NA
1/27/2020	0.359964	NA	0.516687	0.409604
2/3/2020	0.102407	0.443366	0.524683	0.452002
2/10/2020	0.216046	0.443366	0.531291	0.431815
2/14/2020	0.309913	NA	NA	NA
2/17/2020	NA	0.443366	0.556876	0.427599
2/20/2020	0.361682	NA	NA	NA
2/24/2020	NA	0.443366	0.538263	0.426732
2/28/2020	NA	NA	0.533328	NA
3/2/2020	0.282592	0.443366	NA	0.437058
3/5/2020	NA	0.443366	NA	NA
3/9/2020	0.259233	NA	0.544741	0.43434
3/13/2020	0.373227	NA	NA	NA
3/16/2020	NA	0.443366	0.553553	0.43524
3/19/2020	0.373227	0.443366	NA	NA
3/23/2020	NA	NA	0.511816	0.427135
3/26/2020	0.412179	NA	NA	NA
3/30/2020	NA	0.443366	0.512029	0.43071
4/2/2020	0.42437	0.443366	0.48699	NA
4/6/2020	NA	NA	NA	0.423782
4/9/2020	NA	NA	0.487649	NA
4/10/2020	0.410004	NA	NA	NA
4/13/2020	NA	NA	NA	0.421147
4/16/2020	0.437951	NA	0.487649	NA
4/20/2020	NA	0.443366	NA	0.425653
4/24/2020	NA	0.443366	NA	NA
4/27/2020	0.197044	NA	0.493951	0.425424
5/4/2020	0.289139	0.443366	0.464833	0.435471
5/11/2020	0.401758	0.443366	0.441183	0.44511
5/15/2020	0.295042	NA	NA	NA
5/18/2020	NA	0.443366	0.412785	0.444727
5/21/2020	0.213839	NA	0.408728	NA
5/22/2020	NA	0.443366	NA	NA
5/25/2020	NA	NA	NA	0.446007
5/28/2020	0.239034	NA	NA	NA
5/29/2020	NA	NA	0.401182	NA
6/1/2020	NA	0.443366	NA	0.438147
6/4/2020	0.295248	NA	0.39473	NA
6/5/2020	NA	0.443366	NA	NA
6/8/2020	NA	NA	NA	0.44185
6/12/2020	NA	NA	0.37565	NA
6/15/2020	0.239376	0.443366	NA	0.439042
6/19/2020	NA	NA	0.413636	NA
6/22/2020	NA	0.443366	NA	0.445107
6/28/2020	NA	NA	0.416831	NA
6/29/2020	0.184544	0.443366	NA	0.44526
7/2/2020	NA	NA	0.44105	NA
7/3/2020	NA	0.443366	NA	NA
7/6/2020	NA	NA	NA	0.455138
7/10/2020	NA	0.443366	0.440171	NA
7/13/2020	0.191502	NA	NA	0.458834
7/17/2020	0.213631	0.443366	0.446998	NA
7/20/2020	NA	NA	NA	0.428694
7/27/2020	0.470658	0.443366	0.414661	0.424422
8/3/2020	0.515039	0.443366	0.380066	0.407614
8/10/2020	0.39599	0.443366	0.372969	0.400896
8/13/2020	0.357072	NA	NA	NA
8/17/2020	NA	0.443366	0.36202	0.404293
8/21/2020	0.368238	NA	NA	NA
8/24/2020	NA	0.443366	0.360407	0.404899
8/27/2020	0.361551	NA	NA	NA
8/31/2020	NA	0.443366	0.378582	0.412655
9/3/2020	0.33701	0.443366	NA	NA
9/4/2020	NA	NA	0.377505	NA
9/7/2020	NA	NA	NA	0.41343
9/8/2020	0.320204	NA	NA	NA
9/10/2020	NA	NA	0.384127	NA
9/14/2020	NA	0.443366	NA	0.417333
9/16/2020	NA	NA	0.379836	NA
9/21/2020	NA	NA	NA	0.420147
9/24/2020	0.36271	0.443366	NA	NA
9/28/2020	NA	NA	0.375403	0.418712
9/29/2020	NA	NA	0.375403	NA
10/1/2020	0.341194	NA	NA	NA
10/5/2020	NA	NA	NA	0.417555
10/12/2020	0.327501	NA	0.374271	0.416607
10/15/2020	0.336227	0.443366	NA	NA
10/16/2020	NA	NA	0.364866	NA
10/19/2020	NA	NA	NA	0.443789
10/23/2020	NA	0.443366	NA	NA
10/26/2020	0.384992	NA	0.328849	0.435345
11/2/2020	0.328332	0.443366	0.417799	0.468301
11/9/2020	0.304501	0.443366	0.464545	0.474286
11/13/2020	0.37426	NA	NA	NA
11/16/2020	NA	0.443366	0.502169	0.45824
11/23/2020	0.414961	0.443366	0.484671	0.442679
11/24/2020	0.40368	NA	NA	NA
11/30/2020	NA	0.443366	0.462669	0.434167
12/3/2020	NA	0.443366	NA	NA
12/7/2020	0.435807	NA	0.465773	0.421998
12/10/2020	0.457922	NA	0.462669	NA
12/14/2020	NA	NA	NA	0.418855
12/18/2020	NA	0.443366	NA	NA
12/21/2020	NA	NA	0.457117	0.418104
12/30/2020	NA	NA	NA	0.41535
1/5/2021	0.468845	NA	NA	NA
1/6/2021	NA	NA	NA	0.414681
1/8/2021	0.476297	NA	NA	NA
1/12/2021	NA	NA	0.450465	NA
1/13/2021	NA	NA	NA	0.414392
1/20/2021	0.332296	0.408134	0.479921	0.424693
1/27/2021	0.195273	0.367623	0.333219	0.338181
2/3/2021	-0.29649	0.183475	0.025952	0.132041
2/10/2021	-0.72336	-0.69341	-0.3315	-0.20306
2/17/2021	-0.94147	-1.21724	-0.38386	-0.42862
2/24/2021	-1.43246	-1.2594	-0.80609	-0.55584
3/2/2021	-1.36789	NA	NA	NA
3/3/2021	NA	-1.2009	-0.95846	-0.67258
3/9/2021	-1.36307	NA	NA	NA
3/10/2021	NA	-1.34216	-1.20375	-0.70718
3/17/2021	-1.37224	-1.27114	-1.09645	-0.68422
3/18/2021	-1.33024	NA	NA	NA
3/24/2021	NA	-1.23862	-1.18851	-0.70154
3/31/2021	-1.2823	-1.14323	-1.18305	-0.72015
4/6/2021	-1.27982	NA	NA	NA
4/7/2021	NA	NA	-1.14799	-0.71241
4/9/2021	-1.26996	NA	NA	NA
4/12/2021	NA	NA	-1.31729	NA
4/14/2021	NA	-1.19555	NA	-0.76364
4/20/2021	NA	-1.20456	NA	NA
4/21/2021	-1.45113	NA	-1.39698	-0.86419
4/28/2021	-2.22693	-1.41703	-1.8211	-1.3637
5/5/2021	-2.53687	-1.64291	-2.06163	-1.80086
5/12/2021	-2.79807	-1.98771	-2.54284	-2.11792
5/19/2021	-2.71233	-2.07991	-2.70088	-2.17168
5/26/2021	-2.45916	-2.08822	-2.71318	-2.3301
6/2/2021	-2.53839	-2.20407	-2.75639	-2.46616
6/3/2021	-2.59065	NA	NA	NA
6/4/2021	NA	-2.19378	NA	NA
6/9/2021	NA	NA	-2.73043	-2.5899
6/16/2021	NA	-2.32493	-2.8926	-2.7512
6/21/2021	NA	NA	-2.88346	NA
6/23/2021	NA	-2.36878	NA	-2.81467
6/30/2021	-2.97059	NA	-3.05645	-2.97032
7/1/2021	NA	NA	-3.08743	NA
7/2/2021	NA	-2.55385	NA	NA
7/6/2021	-2.98666	NA	NA	NA
7/7/2021	NA	NA	NA	-2.98744
7/13/2021	-3.02051	-2.64381	NA	NA
7/14/2021	NA	NA	-2.97073	-2.99962
7/21/2021	-3.08428	-2.81269	-2.84426	-3.03358
7/28/2021	-2.2108	-2.8784	-2.76145	-2.82639
8/4/2021	-2.09375	-3.14471	-2.71545	-2.8946
8/11/2021	-2.03502	-2.99124	-2.4441	-2.92286
8/18/2021	-1.95137	-3.12504	-2.2232	-2.99446
8/25/2021	-2.03304	-3.18065	-2.1562	-2.95659
8/31/2021	NA	-3.23566	-2.17235	NA
9/1/2021	-2.00846	NA	NA	-2.89368
9/2/2021	-1.98821	NA	NA	NA
9/8/2021	NA	NA	-2.20218	-2.9794
9/15/2021	-1.97558	NA	-2.16687	-2.93174
9/21/2021	NA	NA	NA	-2.92909

Source: S&P Global Market Intelligence.

Figure 3 Industry Negative Sentiment: Capacity

Z-Value

Date	Semiconductors	Automobiles	Electronics	Other Industries
1/5/2018	NA	-1.15075	NA	0.829829
1/11/2018	NA	-1.06748	0.539161	NA
1/12/2018	NA	NA	NA	0.820781
1/18/2018	0.438213	NA	0.557501	NA
1/19/2018	NA	NA	NA	0.808007
1/25/2018	0.514161	NA	1.011059	NA
1/26/2018	NA	-1.97041	NA	1.465885
2/1/2018	0.625453	NA	1.323202	NA
2/2/2018	NA	-0.25647	NA	NA
2/3/2018	NA	NA	NA	0.96874
2/9/2018	0.420434	-1.54813	0.849171	NA
2/10/2018	NA	NA	NA	0.803741
2/15/2018	0.600049	NA	NA	NA
2/16/2018	NA	-1.4982	0.217392	0.485479
2/22/2018	NA	-1.09215	0.408603	NA
2/23/2018	0.607496	NA	NA	0.21637
3/1/2018	0.630096	NA	NA	NA
3/2/2018	NA	-0.77744	0.337008	0.590167
3/8/2018	0.638453	-0.88367	NA	NA
3/9/2018	NA	NA	0.355501	0.478374
3/15/2018	0.670389	NA	0.458233	NA
3/16/2018	NA	-0.7824	NA	0.457787
3/22/2018	0.685517	-1.04197	0.479825	NA
3/23/2018	NA	NA	NA	0.555282
3/28/2018	0.700123	-0.96792	NA	NA
3/29/2018	NA	NA	0.571949	NA
3/30/2018	NA	NA	NA	0.55516
4/2/2018	NA	-0.93206	NA	NA
4/3/2018	NA	NA	0.600943	NA
4/6/2018	NA	NA	NA	0.569319
4/12/2018	NA	-0.89694	0.657193	NA
4/13/2018	NA	NA	NA	0.573185
4/20/2018	0.71549	-1.04998	0.693755	NA
4/21/2018	NA	NA	NA	0.558104
4/27/2018	0.681015	-0.67725	0.469429	0.127988
5/3/2018	0.639376	NA	NA	NA
5/4/2018	NA	-0.10804	0.321776	0.138614
5/11/2018	0.768199	0.440783	0.689603	0.266854
5/17/2018	0.741116	NA	NA	NA
5/18/2018	NA	0.512017	0.719478	0.291034
5/22/2018	0.729491	NA	NA	NA
5/24/2018	NA	0.534582	0.538758	NA
5/26/2018	NA	NA	NA	0.313564
5/30/2018	0.710135	NA	NA	NA
5/31/2018	NA	NA	0.619877	NA
6/1/2018	NA	0.441787	NA	0.051965
6/6/2018	NA	0.446438	NA	NA
6/7/2018	0.678254	NA	0.586715	NA
6/8/2018	NA	NA	NA	0.086222
6/14/2018	NA	0.545139	0.458558	NA
6/15/2018	NA	NA	NA	-0.04557
6/20/2018	NA	0.875875	NA	NA
6/21/2018	0.62168	NA	0.438546	NA
6/22/2018	NA	NA	NA	-0.12865
6/26/2018	0.618796	NA	NA	NA
6/28/2018	NA	NA	0.365531	NA
6/29/2018	NA	NA	NA	-0.11635
7/6/2018	NA	NA	NA	-0.08997
7/10/2018	NA	NA	0.332742	NA
7/12/2018	0.611305	NA	NA	NA
7/13/2018	NA	NA	NA	-0.08819
7/20/2018	0.647169	0.560122	0.273603	NA
7/21/2018	NA	NA	NA	-0.17453
7/27/2018	0.66473	0.403194	0.334286	NA
7/28/2018	NA	NA	NA	-0.03124
8/2/2018	0.666245	NA	NA	NA
8/3/2018	NA	0.497931	0.689353	NA
8/4/2018	NA	NA	NA	-0.45798
8/10/2018	0.195936	-0.55393	0.188293	NA
8/11/2018	NA	NA	NA	-0.76204
8/16/2018	0.200246	-0.60063	NA	NA
8/17/2018	NA	NA	0.62248	-0.73689
8/22/2018	0.19619	NA	NA	NA
8/24/2018	NA	NA	0.775353	-0.51622
8/29/2018	NA	-0.72833	NA	NA
8/30/2018	0.216263	NA	0.785652	NA
8/31/2018	NA	NA	NA	-0.48821
9/6/2018	0.205201	NA	0.681372	NA
9/7/2018	NA	-0.69721	NA	-0.48928
9/13/2018	0.216263	NA	0.264091	NA
9/14/2018	NA	NA	NA	-0.41748
9/20/2018	0.212942	NA	NA	NA
9/21/2018	NA	NA	NA	-0.47765
9/27/2018	NA	-0.64342	0.264091	NA
9/28/2018	NA	NA	NA	-0.47592
10/3/2018	NA	NA	0.274935	NA
10/4/2018	0.223579	NA	NA	NA
10/5/2018	NA	NA	NA	-0.476
10/11/2018	NA	NA	0.285681	NA
10/12/2018	NA	NA	NA	-0.4743
10/18/2018	0.150238	NA	NA	NA
10/19/2018	NA	-0.29563	0.218986	NA
10/20/2018	NA	NA	NA	-0.51203
10/25/2018	0.077077	NA	NA	NA
10/26/2018	NA	-0.62788	-0.03193	NA
10/27/2018	NA	NA	NA	-0.89516
11/2/2018	0.272946	-1.26354	-0.95822	NA
11/3/2018	NA	NA	NA	-0.92998
11/8/2018	0.588207	NA	NA	NA
11/9/2018	NA	0.084174	-0.58314	-0.63453
11/15/2018	0.690757	-0.06562	NA	NA
11/16/2018	NA	NA	-0.55808	NA
11/17/2018	NA	NA	NA	-0.82987
11/20/2018	0.629702	NA	NA	NA
11/23/2018	NA	NA	-0.61694	-1.05251
11/27/2018	NA	-0.06562	NA	NA
11/29/2018	0.649976	NA	-0.69722	NA
11/30/2018	NA	NA	NA	-0.97259
12/6/2018	0.649976	NA	NA	NA
12/7/2018	NA	NA	-0.56982	-0.98912
12/12/2018	0.65752	NA	NA	NA
12/13/2018	NA	NA	-0.15006	NA
12/14/2018	NA	NA	NA	-0.94714
12/18/2018	0.65752	NA	NA	NA
12/20/2018	NA	-0.06562	-0.20094	NA
12/21/2018	NA	NA	NA	-0.91462
12/28/2018	NA	NA	-0.24054	NA
12/31/2018	NA	NA	NA	-0.9607
1/4/2019	NA	NA	NA	-1.01236
1/8/2019	0.649976	NA	NA	NA
1/10/2019	NA	NA	-0.24054	NA
1/11/2019	NA	-0.07687	NA	-1.03613
1/17/2019	0.679271	NA	-0.18189	NA
1/19/2019	NA	NA	NA	-0.94835
1/24/2019	0.642462	NA	NA	NA
1/25/2019	NA	-0.68602	0.078066	NA
1/27/2019	NA	NA	NA	-0.33603
2/1/2019	0.355036	-0.03101	0.921131	NA
2/3/2019	NA	NA	NA	0.542798
2/7/2019	0.677725	NA	1.096011	NA
2/8/2019	NA	-0.95875	NA	NA
2/10/2019	NA	NA	NA	0.561218
2/15/2019	0.724618	-1.22516	1.014746	NA
2/17/2019	NA	NA	NA	0.711151
2/22/2019	0.717009	-1.18359	0.654537	NA
2/24/2019	NA	NA	NA	0.98003
2/28/2019	0.693368	NA	NA	NA
3/1/2019	NA	-0.98696	0.7358	1.290657
3/7/2019	0.707234	-0.8732	0.785365	NA
3/8/2019	NA	NA	NA	1.217843
3/14/2019	0.749928	NA	NA	NA
3/15/2019	NA	-0.61311	0.923135	1.04785
3/22/2019	0.742682	-0.78878	1.018098	1.002735
3/28/2019	0.742855	NA	1.027334	NA
3/29/2019	NA	-0.68625	NA	1.08791
4/2/2019	NA	NA	0.993647	NA
4/3/2019	NA	-0.62995	NA	NA
4/5/2019	NA	NA	NA	1.115469
4/11/2019	NA	-0.59745	0.986015	NA
4/12/2019	NA	NA	NA	1.125779
4/15/2019	NA	-0.57034	NA	NA
4/18/2019	0.719793	NA	0.999846	NA
4/20/2019	NA	NA	NA	1.082359
4/26/2019	0.693329	0.047182	1.010471	NA
4/28/2019	NA	NA	NA	1.088897
5/3/2019	0.735068	-0.09314	0.916677	NA
5/4/2019	NA	NA	NA	0.983653
5/10/2019	0.776501	0.300377	0.447935	NA
5/12/2019	NA	NA	NA	1.283637
5/16/2019	0.650461	NA	NA	NA
5/17/2019	NA	0.740537	0.27668	1.433059
5/22/2019	0.686309	NA	NA	NA
5/23/2019	NA	0.757341	0.504427	NA
5/26/2019	NA	NA	NA	1.429078
5/30/2019	0.667952	0.792087	0.464383	NA
6/1/2019	NA	NA	NA	1.235099
6/3/2019	NA	0.792087	NA	NA
6/4/2019	0.669209	NA	NA	NA
6/6/2019	NA	NA	0.458006	NA
6/7/2019	NA	NA	NA	1.296253
6/10/2019	NA	0.783943	NA	NA
6/11/2019	NA	NA	0.46688	NA
6/13/2019	0.598434	NA	NA	NA
6/14/2019	NA	NA	NA	1.468461
6/19/2019	NA	0.78678	NA	NA
6/20/2019	NA	NA	0.218182	NA
6/21/2019	NA	NA	NA	1.496747
6/27/2019	NA	NA	0.232696	NA
6/28/2019	0.585922	0.957815	NA	1.458203
7/5/2019	NA	NA	NA	1.485138
7/10/2019	NA	0.943152	NA	NA
7/11/2019	0.601701	NA	NA	NA
7/12/2019	NA	NA	0.244458	1.434071
7/18/2019	0.433567	NA	NA	NA
7/19/2019	NA	0.818995	0.24069	NA
7/20/2019	NA	NA	NA	1.327071
7/26/2019	0.604899	0.535664	0.497343	NA
7/27/2019	NA	NA	NA	1.224036
8/2/2019	0.714546	0.75524	0.714945	NA
8/3/2019	NA	NA	NA	1.185062
8/9/2019	0.610874	NA	1.194446	NA
8/10/2019	NA	0.730833	NA	NA
8/11/2019	NA	NA	NA	0.874204
8/15/2019	0.7158	0.583515	NA	NA
8/16/2019	NA	NA	1.272299	NA
8/18/2019	NA	NA	NA	0.834073
8/23/2019	0.777948	0.732449	1.240113	NA
8/25/2019	NA	NA	NA	0.786436
8/28/2019	NA	0.717215	NA	NA
8/29/2019	NA	NA	1.259602	NA
8/30/2019	0.784186	NA	NA	NA
9/1/2019	NA	NA	NA	0.790806
9/3/2019	0.797744	NA	NA	NA
9/5/2019	NA	0.717215	1.24667	NA
9/6/2019	NA	NA	NA	0.769422
9/12/2019	0.797744	NA	NA	NA
9/13/2019	NA	NA	1.14649	0.739271
9/16/2019	NA	NA	1.16041	NA
9/20/2019	NA	NA	NA	0.789785
9/26/2019	0.773965	0.717215	1.242163	NA
9/27/2019	NA	NA	NA	0.79911
10/3/2019	0.814359	NA	NA	NA
10/4/2019	NA	NA	NA	0.783294
10/8/2019	0.820295	NA	NA	NA
10/10/2019	NA	NA	1.188447	NA
10/11/2019	NA	NA	NA	0.758072
10/17/2019	1.016187	NA	1.237882	NA
10/18/2019	NA	0.653259	NA	NA
10/20/2019	NA	NA	NA	0.917516
10/25/2019	0.948382	0.818364	1.121637	NA
10/26/2019	NA	NA	NA	0.84312
11/1/2019	0.846453	0.695132	1.259761	NA
11/3/2019	NA	NA	NA	1.078353
11/8/2019	0.670781	0.490229	1.407777	NA
11/10/2019	NA	NA	NA	1.307452
11/14/2019	0.562853	NA	NA	NA
11/15/2019	NA	0.883262	1.512374	1.416282
11/21/2019	0.524001	0.94125	NA	NA
11/22/2019	NA	NA	1.444349	NA
11/24/2019	NA	NA	NA	1.349315
11/26/2019	0.532622	NA	NA	NA
11/27/2019	NA	NA	1.415301	NA
11/28/2019	NA	0.926423	NA	NA
11/29/2019	NA	NA	NA	1.306583
12/4/2019	0.506305	NA	NA	NA
12/5/2019	NA	NA	1.409638	NA
12/6/2019	NA	NA	NA	1.308888
12/12/2019	0.51523	NA	1.381372	NA
12/13/2019	NA	NA	NA	1.315813
12/19/2019	0.474616	NA	1.478208	NA
12/20/2019	NA	0.926423	NA	1.27319
12/27/2019	NA	NA	NA	1.227269
12/30/2019	NA	0.9113	NA	NA
1/6/2020	NA	NA	NA	1.242387
1/9/2020	NA	NA	1.513234	NA
1/10/2020	0.46804	NA	NA	NA
1/13/2020	NA	NA	NA	1.280563
1/14/2020	NA	0.9113	NA	NA
1/15/2020	NA	NA	1.51852	NA
1/16/2020	0.439523	NA	NA	NA
1/20/2020	NA	NA	NA	1.241059
1/23/2020	NA	1.103875	NA	NA
1/27/2020	0.222451	NA	1.380224	1.526445
2/3/2020	0.18105	1.380372	1.521102	1.274055
2/10/2020	0.546171	1.556464	0.709037	0.792038
2/14/2020	0.533363	NA	NA	NA
2/17/2020	NA	1.649545	0.537976	0.731846
2/20/2020	0.629765	NA	NA	NA
2/24/2020	NA	1.728465	0.709852	0.808023
2/28/2020	NA	NA	0.659812	NA
3/2/2020	0.656507	1.793119	NA	1.083959
3/5/2020	NA	1.790827	NA	NA
3/9/2020	0.484507	NA	0.75931	0.964505
3/13/2020	0.493258	NA	NA	NA
3/16/2020	NA	1.729307	0.59133	0.902031
3/19/2020	0.520283	1.710293	NA	NA
3/23/2020	NA	NA	0.536946	0.757063
3/26/2020	0.49367	NA	NA	NA
3/30/2020	NA	1.666314	0.65433	0.857577
4/2/2020	0.503508	1.614563	0.704218	NA
4/6/2020	NA	NA	NA	0.929286
4/9/2020	NA	NA	0.637582	NA
4/10/2020	0.503508	NA	NA	NA
4/13/2020	NA	NA	NA	0.954863
4/16/2020	0.489143	NA	0.488199	NA
4/20/2020	NA	1.628186	NA	0.904214
4/24/2020	NA	1.620871	NA	NA
4/27/2020	0.479482	NA	0.120329	0.757348
5/4/2020	0.295522	1.64735	-0.71209	0.422085
5/11/2020	0.091357	1.775051	-0.96153	0.218333
5/15/2020	-0.02277	NA	NA	NA
5/18/2020	NA	1.88427	-0.79279	0.148865
5/21/2020	-0.13196	NA	-1.10866	NA
5/22/2020	NA	1.870408	NA	NA
5/25/2020	NA	NA	NA	0.011766
5/28/2020	-0.14582	NA	NA	NA
5/29/2020	NA	NA	-1.25517	NA
6/1/2020	NA	1.560695	NA	-0.32761
6/4/2020	-0.20297	NA	-1.4145	NA
6/5/2020	NA	1.359663	NA	NA
6/8/2020	NA	NA	NA	-0.32107
6/12/2020	NA	NA	-1.33407	NA
6/15/2020	-0.1405	1.452326	NA	-0.32104
6/19/2020	NA	NA	-1.27559	NA
6/22/2020	NA	1.348666	NA	-0.1886
6/28/2020	NA	NA	-1.34128	NA
6/29/2020	-0.13035	1.30755	NA	-0.40787
7/2/2020	NA	NA	-1.42656	NA
7/3/2020	NA	1.345835	NA	NA
7/6/2020	NA	NA	NA	-0.61586
7/10/2020	NA	1.000971	-1.36679	NA
7/13/2020	-0.15228	NA	NA	-0.65304
7/17/2020	-0.12704	0.850694	-1.11671	NA
7/20/2020	NA	NA	NA	-0.69225
7/27/2020	-0.0407	0.62957	-0.94602	-0.94191
8/3/2020	-0.22687	0.596799	-0.19599	-0.65095
8/10/2020	-0.01265	0.103203	0.131542	-0.22098
8/13/2020	0.196831	NA	NA	NA
8/17/2020	NA	-0.12819	-0.42074	-0.32211
8/21/2020	0.238962	NA	NA	NA
8/24/2020	NA	-0.31453	-0.34045	-0.19273
8/27/2020	0.224477	NA	NA	NA
8/31/2020	NA	-0.20204	-0.20192	-0.06724
9/3/2020	0.192104	-0.11974	NA	NA
9/4/2020	NA	NA	-0.21342	NA
9/7/2020	NA	NA	NA	-0.03948
9/8/2020	0.213051	NA	NA	NA
9/10/2020	NA	NA	-0.39254	NA
9/14/2020	NA	-0.30278	NA	-0.10815
9/16/2020	NA	NA	-0.44242	NA
9/21/2020	NA	NA	NA	-0.09476
9/24/2020	0.245944	-0.35179	NA	NA
9/28/2020	NA	NA	-0.53649	-0.05899
9/29/2020	NA	NA	-0.53649	NA
10/1/2020	0.245716	NA	NA	NA
10/5/2020	NA	NA	NA	0.073986
10/12/2020	0.23981	NA	-0.54982	0.11994
10/15/2020	0.213574	-0.07311	NA	NA
10/16/2020	NA	NA	-0.62658	NA
10/19/2020	NA	NA	NA	0.064043
10/23/2020	NA	-0.38285	NA	NA
10/26/2020	0.293817	NA	-0.82382	0.203321
11/2/2020	0.329343	-0.68625	-0.65201	-0.34223
11/9/2020	-0.03813	-1.02852	-0.64626	-0.76382
11/13/2020	-0.17154	NA	NA	NA
11/16/2020	NA	-1.51461	-0.17797	-0.68972
11/23/2020	-0.22433	-1.5055	-0.09389	-0.92025
11/24/2020	-0.21092	NA	NA	NA
11/30/2020	NA	-1.53167	-0.11811	-1.05166
12/3/2020	NA	-1.43899	NA	NA
12/7/2020	-0.19863	NA	-0.1596	-1.07159
12/10/2020	-0.21984	NA	0.012151	NA
12/14/2020	NA	NA	NA	-1.17153
12/18/2020	NA	-1.34462	NA	NA
12/21/2020	NA	NA	0.034476	-1.28448
12/30/2020	NA	NA	NA	-1.29531
1/5/2021	-0.25137	NA	NA	NA
1/6/2021	NA	NA	NA	-1.32687
1/8/2021	-0.22033	NA	NA	NA
1/12/2021	NA	NA	-0.20669	NA
1/13/2021	NA	NA	NA	-1.38869
1/20/2021	-0.3027	-1.53713	-0.11394	-1.29307
1/27/2021	-0.67575	-0.75032	-0.05837	-1.21067
2/3/2021	-0.32387	-0.53192	-0.32614	-0.97173
2/10/2021	-1.79172	-0.80063	-0.79557	-1.61326
2/17/2021	-1.5262	-0.42271	-1.31513	-1.68857
2/24/2021	-1.57105	-0.43481	-1.29114	-1.05831
3/2/2021	-1.40813	NA	NA	NA
3/3/2021	NA	-0.46626	-0.89575	-1.14867
3/9/2021	-1.38853	NA	NA	NA
3/10/2021	NA	-0.24221	-0.88489	-1.03972
3/17/2021	-1.42581	-0.09521	-0.74722	-0.65384
3/18/2021	-1.3777	NA	NA	NA
3/24/2021	NA	-0.01075	-0.77645	-0.52684
3/31/2021	-1.31032	0.142345	-0.86214	-0.34025
4/6/2021	-1.33826	NA	NA	NA
4/7/2021	NA	NA	-0.88745	-0.31256
4/9/2021	-1.3448	NA	NA	NA
4/12/2021	NA	NA	-0.81338	NA
4/14/2021	NA	0.160146	NA	-0.28765
4/20/2021	NA	0.045976	NA	NA
4/21/2021	-1.58487	NA	-1.06617	-0.34364
4/28/2021	-2.08041	-0.62891	-1.16518	-0.72643
5/5/2021	-2.14023	-0.68206	-1.06253	-0.72921
5/12/2021	-2.18983	-0.35402	-1.12952	-0.6112
5/19/2021	-2.33077	-0.2971	-0.98212	-0.5496
5/26/2021	-2.38857	-0.17377	-1.01076	-0.79307
6/2/2021	-2.55207	-0.24995	-1.29732	-0.86644
6/3/2021	-2.55207	NA	NA	NA
6/4/2021	NA	-0.49755	NA	NA
6/9/2021	NA	NA	-1.75025	-1.02638
6/16/2021	NA	-0.71194	-1.86826	-1.27133
6/21/2021	NA	NA	-1.79202	NA
6/23/2021	NA	-0.92079	NA	-1.44956
6/30/2021	-2.83996	NA	-1.78097	-1.76973
7/1/2021	NA	NA	-1.70415	NA
7/2/2021	NA	-1.12529	NA	NA
7/6/2021	-2.82336	NA	NA	NA
7/7/2021	NA	NA	NA	-1.81863
7/13/2021	-2.89505	-1.38677	NA	NA
7/14/2021	NA	NA	-1.75626	-1.74054
7/21/2021	-2.70625	-1.37829	-1.61054	-1.85953
7/28/2021	-1.97932	-0.97196	-1.63405	-1.61635
8/4/2021	-2.05476	-1.10438	-2.60079	-1.77339
8/11/2021	-2.10303	-1.73736	-2.4374	-1.93361
8/18/2021	-2.00601	-1.9312	-2.47186	-2.37458
8/25/2021	-2.04546	-2.12234	-2.56612	-2.31059
8/31/2021	NA	-1.96226	-2.65676	NA
9/1/2021	-2.06259	NA	NA	-2.16864
9/2/2021	-2.06259	NA	NA	NA
9/8/2021	NA	NA	-2.2803	-2.14788
9/15/2021	-2.03782	NA	-2.21919	-2.11349
9/21/2021	NA	NA	NA	-2.05722

Source: S&P Global Market Intelligence.

Return to text

Figure 4: Aggregate Positive Sentiment

Z-Value

Date	Demand	Prices
1/5/2018	-0.524178534	0.417100549
1/12/2018	-0.507581494	0.431630346
1/19/2018	-0.533142117	0.399919925
1/26/2018	-0.659490693	0.094952729
2/3/2018	-0.608249151	0.136542041
2/10/2018	-0.387858435	0.339800044
2/16/2018	-0.147803149	0.409608617
2/23/2018	-0.189624739	0.559955181
3/2/2018	-0.310448914	0.573630532
3/9/2018	-0.374323788	0.619521365
3/16/2018	-0.471488636	0.561497424
3/23/2018	-0.494176193	0.573710083
3/30/2018	-0.535799761	0.546340085
4/6/2018	-0.555905004	0.534692211
4/13/2018	-0.569404013	0.519986332
4/21/2018	-0.552882985	0.543912713
4/27/2018	-0.270943195	0.853758788
5/4/2018	-0.241389149	0.950878373
5/11/2018	-0.275240007	0.965700872
5/18/2018	-0.370661969	1.02832011
5/26/2018	-0.414032476	1.027991646
6/1/2018	-0.3355453	1.088216714
6/8/2018	-0.296634513	1.101171659
6/15/2018	-0.202153625	1.187272762
6/22/2018	-0.18878724	1.207222889
6/29/2018	-0.132037818	1.278215095
7/6/2018	-0.103751506	1.311662089
7/13/2018	-0.100234067	1.343953196
7/21/2018	-0.080638558	1.430217025
7/28/2018	-0.194174947	1.354966004
8/4/2018	-0.210719357	1.418279586
8/11/2018	-0.186083282	1.313135643
8/17/2018	-0.165830001	1.310207756
8/24/2018	-0.166567715	1.286291107
8/31/2018	-0.199568332	1.258104506
9/7/2018	-0.201153864	1.231906856
9/14/2018	-0.221629531	1.251342157
9/21/2018	-0.236668362	1.23165426
9/28/2018	-0.249261055	1.201919636
10/5/2018	-0.269545201	1.20181085
10/12/2018	-0.27008378	1.194794328
10/20/2018	-0.300813015	1.110766869
10/27/2018	-0.351766141	1.128198689
11/3/2018	-0.315743198	1.08032525
11/9/2018	-0.429939163	1.051546292
11/17/2018	-0.420014508	1.035173697
11/23/2018	-0.381619858	1.032762757
11/30/2018	-0.370634307	1.034506101
12/7/2018	-0.368033645	1.042844089
12/14/2018	-0.34828407	1.021433205
12/21/2018	-0.335308712	1.034745319
12/31/2018	-0.324424032	1.037548557
1/4/2019	-0.311384498	1.033691597
1/11/2019	-0.299587211	1.040677146
1/19/2019	-0.31293693	1.01571731
1/27/2019	-0.482589251	0.750075322
2/3/2019	-0.636539202	0.567903577
2/10/2019	-0.528936539	0.650319055
2/17/2019	-0.58772151	0.518579172
2/24/2019	-0.595972835	0.507922391
3/1/2019	-0.73662683	0.423047375
3/8/2019	-0.789983452	0.371256866
3/15/2019	-0.853681196	0.318545575
3/22/2019	-0.874985155	0.31418311
3/29/2019	-0.920995274	0.286738265
4/5/2019	-0.937455219	0.263042856
4/12/2019	-0.96082283	0.246015132
4/20/2019	-0.963627421	0.210783389
4/28/2019	-0.825059823	0.281590192
5/4/2019	-0.81048457	0.177912256
5/12/2019	-0.839875871	0.040882815
5/17/2019	-0.853474917	0.02528946
5/26/2019	-0.886798267	-0.014319273
6/1/2019	-0.858628794	-0.024781496
6/7/2019	-0.82157779	-0.011438204
6/14/2019	-0.763104089	0.020008166
6/21/2019	-0.749868104	0.004151911
6/28/2019	-0.697356799	0.037148908
7/5/2019	-0.678586223	0.055521094
7/12/2019	-0.660328212	0.081882656
7/20/2019	-0.636411375	0.121621625
7/27/2019	-0.698697241	0.008887795
8/3/2019	-0.72919207	-0.030189003
8/11/2019	-0.832562073	-0.182681113
8/18/2019	-0.859431841	-0.228254357
8/25/2019	-0.847647916	-0.262237168
9/1/2019	-0.852350897	-0.280119284
9/6/2019	-0.857472849	-0.287151338
9/13/2019	-0.869663514	-0.300169066
9/20/2019	-0.868890216	-0.312599909
9/27/2019	-0.877093436	-0.342682309
10/4/2019	-0.883092823	-0.341324587
10/11/2019	-0.886677676	-0.35987838
10/20/2019	-0.914814709	-0.392311729
10/26/2019	-0.921594972	-0.429919345
11/3/2019	-0.888528325	-0.518358497
11/10/2019	-0.967008827	-0.59390712
11/15/2019	-0.989767341	-0.670671505
11/24/2019	-0.995936591	-0.698755713
11/29/2019	-0.986887983	-0.716118706
12/6/2019	-0.983402436	-0.728011342
12/13/2019	-0.973265959	-0.731318753
12/20/2019	-0.951773179	-0.717107019
12/30/2019	-0.942550567	-0.70757332
1/6/2020	-0.936671925	-0.712036423
1/13/2020	-0.929368697	-0.72465096
1/20/2020	-0.922456392	-0.714309307
1/27/2020	-1.065891812	-0.81223213
2/3/2020	-1.205487448	-0.885770847
2/10/2020	-1.013877447	-0.822029851
2/17/2020	-1.0118672	-0.749010568
2/24/2020	-1.048511774	-0.724771203
3/2/2020	-1.114659791	-0.728841741
3/9/2020	-1.127359758	-0.725454816
3/16/2020	-1.197152076	-0.782959859
3/23/2020	-1.209128318	-0.833045212
3/30/2020	-1.197597474	-0.881757732
4/6/2020	-1.193359264	-0.903728403
4/13/2020	-1.192855852	-0.917100092
4/20/2020	-1.158213998	-0.941502219
4/27/2020	-1.012432505	-1.002428389
5/4/2020	-0.757956422	-1.126805706
5/11/2020	-0.548528184	-1.348536599
5/18/2020	-0.454837246	-1.449212178
5/25/2020	-0.363044197	-1.548893196
6/1/2020	-0.200942313	-1.671664049
6/8/2020	-0.077127568	-1.750288613
6/15/2020	0.07554436	-1.782109013
6/22/2020	0.094728492	-1.779130018
6/29/2020	0.130644512	-1.758291378
7/6/2020	0.16159787	-1.745161595
7/13/2020	0.182062692	-1.730034905
7/20/2020	0.188420108	-1.743639685
7/27/2020	0.213384787	-1.709219081
8/3/2020	0.239581911	-1.677571188
8/10/2020	0.293037311	-1.613660925
8/17/2020	0.402271433	-1.615332773
8/24/2020	0.425155282	-1.600474571
8/31/2020	0.446401933	-1.600611452
9/7/2020	0.447294545	-1.568997222
9/14/2020	0.425203445	-1.571848379
9/21/2020	0.428557701	-1.551124122
9/28/2020	0.451249693	-1.570075592
10/5/2020	0.447489192	-1.580615346
10/12/2020	0.446681392	-1.564534354
10/19/2020	0.441606902	-1.55291821
10/26/2020	0.545428799	-1.512791355
11/2/2020	0.768662697	-1.336301908
11/9/2020	0.863441815	-1.201538959
11/16/2020	0.850125707	-1.119350204
11/23/2020	0.930379942	-1.064279928
11/30/2020	0.983978452	-1.007395074
12/7/2020	0.986715254	-1.028911025
12/14/2020	1.042373045	-1.003990338
12/21/2020	1.070572061	-1.014795319
12/30/2020	1.076871123	-0.982937677
1/6/2021	1.070138409	-0.984514677
1/13/2021	1.096936747	-0.972844924
1/20/2021	1.093138382	-0.940435294
1/27/2021	0.92787237	-0.914356649
2/3/2021	1.031918639	-0.799961017
2/10/2021	1.482877608	-0.408505603
2/17/2021	1.752228704	-0.188177867
2/24/2021	1.591952826	-0.127210821
3/3/2021	1.373762211	-0.229765467
3/10/2021	1.248834006	-0.193995625
3/17/2021	1.19081732	-0.208861017
3/24/2021	1.150092336	-0.204333695
3/31/2021	1.037190888	-0.274873552
4/7/2021	1.026544938	-0.269277483
4/14/2021	1.012881757	-0.279408107
4/21/2021	1.033777763	-0.281633616
4/28/2021	1.320080436	-0.068850682
5/5/2021	1.495088435	0.180922658
5/12/2021	1.524687863	0.317893096
5/19/2021	1.466206666	0.368847452
5/26/2021	1.55864973	0.465213446
6/2/2021	1.709743996	0.618353831
6/9/2021	1.860991132	0.700372614
6/16/2021	1.942950718	0.807422223
6/23/2021	2.011903391	0.87786001
6/30/2021	2.189333438	1.058996809
7/7/2021	2.211272366	1.069727434
7/14/2021	2.221508099	1.113028136
7/21/2021	2.368869009	1.234532038
7/28/2021	2.286965461	1.383860595
8/4/2021	2.47755368	1.621622474
8/11/2021	2.4966021	1.802824359
8/18/2021	2.430827806	1.799980602
8/25/2021	2.351104193	1.77202066
9/1/2021	2.325758856	1.762329407
9/8/2021	2.318844139	1.795515909
9/15/2021	2.296767495	1.787438246
9/21/2021	2.299168027	NA
9/22/2021	NA	1.759754397

Note: The Aggregate Positive Sentiment Index is constructed by counting the total number of positive sentiment words found within 10 words of the main search term from quarterly firm earnings call transcripts. This sum is then divided by the total number of words within the transcript and then the 90-day moving average of this ratio is calculated. Data are then aggregated to the weekly level by taking the last moving average value for each week and finally the z-value is computed. The z-value is a measurement of the number of standard deviations that sentiment series are away from their mean value. Since the sentiment series have different means, the z-values better reflect relative changes in negative sentiment. The gray shading begins in January 2021. The series end on September 22, 2021.

Source: S&P Global Market Intelligence.

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Figure 5: Supply and Demand Estimated Effects: Average Change in Mentions

Mentions per Transcript

Year	Variable	Value
2020	Demand	2.328953892
2020	Price	0.190625805
2020	Capacity	0.222235994
2020	Ship+ Container	0.002602876
2020	Supply- Chain	-0.034705007
2020	Chip	-0.000743679
2021	Demand	1.414105107
2021	Price	4.339489341
2021	Capacity	0.04858701
2021	Ship+ Container	0.203767972
2021	Supply- Chain	1.77726822
2021	Chip	0.766856718

Left Panel:

Note: For each main search term, the average number of sentiment terms mentioned is calculated by summing the total number of positive or negative sentiment terms that are located within 10 words of the main search term for earnings calls that occurred in 2020 Q1, 2020 Q4, and 2021 Q3, respectively. The final values for each main search term for 2020 are constructed by subtracting the 2020 Q4 value by the 2020 Q1 value and then dividing by the total number of firms within the panel. The final values for 2021 are constructed similarly, but instead use data from 2021 Q3 and 2020 Q4. “Price” and “Demand” use positive sentiment terms while the other main search terms use negative sentiment terms.

Source: S&P Global Market Intelligence.

Figure 5 Supply and Demand Estimated Contribution: Estimated Treatment Contribution 2020:Q1–2021:Q3

Percent %

Variable	Value
Capacity	2.909224862
Chip	21.2379831
Demand	40.7441829
Ship+Container	2.800310082
Supply-Chain	32.30829905

Note: For each main search term, the 2021:Q3-2020:Q1 estimated treatment contribution is calculated by first using the values calculated in the left-hand panel of Figure 5 and multiplying the 2020 value by the respective main search term’s standalone coefficient found in Table 2. The 2021 value found within the left-hand panel of Figure 5 is multiplied by the respective main search term’s 2021 interaction coefficient found in Table 2. The estimated treatment effect for each main search term is found by summing the respective products together. The estimated treatment effect values for Demand, Supply-Chain, Chip, Capacity, and Ship+Container are 0.32, 0.25, 0.16, 0.02, and 0.02. Finally, the contribution is found by dividing each main search term’s treatment effect value by the sum of all treatment effects and then multiplying by 100. “Demand” uses positive sentiment terms while the other main search terms use negative sentiment terms.

Source: S&P Global Market Intelligence.

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Last Update: December 03, 2021

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