These are some of the consumer defensive stocks that investors are taking refuge in
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A rough market day for tech and high-valuation stocks has investors rushing into defensive consumer names. The higher historic return for value stocks during periods of elevated inflation and interest rate hikes is factoring in.
Gainers include Clorox (CLX
+2.0%), Mondelez International (MDLZ
+2.3%), Church & Dwight (CHD
+1.8%), Procter & Gamble (PG
+1.5%), PepsiCo (PEP
+1.4%), Campbell Soup (CPB
+1.3%) and BJ'S Wholesale Club Holdings (BJ
+3.2%).
While not considered a purely defensive stock, McDonald's (MCD
+1.7%) is the second biggest gainer in the Dow 30.
Consumer Staples Select Sector SPDR ETF (NYSEARCA:XLP) now has a better six-month return than the S&P 500 Index (see the chart).