Key Takeaways
- On a day when tech shares were leading markets lower, investors decided it was time for a beer.
- The S&P 500’s consumer staples sector was recently the best-performing sector in the index, up nearly 1%.
- Most of its component stocks rose, though a few retailers were sliding in recent trading.
On a day when tech shares were leading markets lower, investors decided it was time for a beer.
The S&P 500’s consumer staples sector was recently up about 1.1%, rising as tech stocks were pulling the benchmark index lower, making it the best-performing sector on the day so far. Real estate was up about 0.5%.
Molson Coors (TAP), recently up about 5%, was the best-performing stock in the entire index, while several others—including JM Smucker (SJM), Campbell Soup (CPB), and Modelo owner Constellation Brands (STZ)—were among the top gainers. Constellation earlier today updated its full-year guidance, which included a bump in the low end of its outlook for earnings per share (EPS).
Costco, Target, Dollar Tree Among Few Retailers Lower
Nearly all of the S&P’s staples stocks were in the green, with a few retailers—namely Costco Wholesale (COST), Target (TGT), and Dollar Tree (DLTR)—among the exceptions.
Dollar Tree’s shares were slipping ahead of its second-quarter financial results, expected before the opening bell tomorrow.
All three major U.S. indexes were recently down at least 1%, with the tech-focused Nasdaq off about 2.5%.