Coca-Cola's stock is suffering its worst day in 17 months as concerns over consumer spending grows

Shares of Coca-Cola Co. (KO) were suffering their worst day in 17 months Thursday, amid a broad selloff in their consumer-staples peers and the broader stock market, amid growing fears that high interest rates and a slowing job market will derail the U.S. economy. The beverage giant's stock slumped 4.1% in afternoon trading, enough to lead the Dow Jones Industrial Average's losers. That would be the biggest one-day decline since it dropped 7.0% on May 18, 2022. The stock was also headed for its lowest close since Dec. 1, 2021. The Consumer Staples Select Sector SPDR ETF (XLP) was down 1.5% toward a one-year low and the S&P 500 gave up 0.2%. Earlier Thursday, branded consumer foods company Conagra Brands Inc. (CAG), which is also a component of the consumer staples ETF, reported quarterly sales that fell short of expectations, amid an "industry-wide slowdown in consumption and recent consumer behavior shifts."

-Tomi Kilgore

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10-05-23 1355ET

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