Coca-Cola and PepsiCo push higher as investors look to beverage stocks for safety
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The collapse of Silicon Valley Bank has sent investors scrambling out of tech and financial stocks seen at risk amid a general risk-off market sentiment.
Following the dramatic banking developments over the weekend, beverage stocks are outperforming with PepsiCo (NASDAQ:PEP) +2.45%, Coca-Cola (KO) +2.33%, National Beverage Corp (FIZZ) +1.95%, Brown-Forman (BF.A) +1.50%, Monster Beverage (MNST) +1.25%, Diageo (DEO) +1.11%, and Keurig Dr Pepper (KDP) +1.05% all notably higher than broad market averages.
While analysts have been warning on valuation in the sector, the fortress balance sheets and dividend payouts of PepsiCo (PEP) and Coca-Cola (KO) have made them attractive alternatives with the financial and macro worlds disheveled.
The Invesco Dynamic Food & Beverage ETF (PBJ) is up 0.90% on the day to top major market indexes.
Read more about how consumer staples in general are outperforming.