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%.