P&G stock leads the Dow's losers as debt-ceiling optimism turns investors away from safety of consumer staples
Shares of Procter & Gamble Co. (PG) slumped 1.6% toward a 2 1/2-month low in midday trading, enough to pace the Dow Jones Industrial Average's decliners, as optimism over a debt-ceiling deal took investors' focus away from the safety of the consumer staples sector. The stock of P&G, which is the parent of staples brands such as Tide, Pampers, Tampax and Gillette, was falling as the Consumer Staples Select Sector SPDR exchange-traded fund shed (XLP) 1.2% as 34 of its 37 equity components lost ground. Among some of the ETF's biggest decliners, shares of discount retailer Target Corp. (TGT) dropped 2.7% and snacks giant Mondelez International Inc. (MDLZ) slid 2.5%. That compared with the 0.6% gain in Consumer Discretionary Select Sector ETF (XLY), which was led by the 4.9% rally in Ford Motor Co.'s stock (F) and Tesla Inc. shares' (TSLA) 3.9% jump.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-30-23 1207ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
Will Earnings From These 10 AI Stocks Live Up to the Hype?
-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
Going Into Earnings, Is Microsoft a Buy, a Sell, or Fairly Valued?
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth
-
10 Best Blue-Chip Stocks to Buy for the Long Term
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
ServiceNow Earnings: Strong Quarter With In-Line Guidance and Increasingly Attractive Valuation
-
Ford Earnings: Pro Continues to Impress While EV Costs Are Contained
-
Boeing Earnings: Paying for Mistakes Made Long Ago, Taking Back the Factory Floor
-
Meta Earnings: Stock Now Fairly Valued After Latest Selloff
-
March PCE Inflation Index Forecasts Show Mixed Readings On Price Pressures