Coca-Cola is holding up as broad market plunges

Jun. 13, 2022 11:09 AM ETThe Coca-Cola Company (KO)HRL, KMB, XLPBy: Clark Schultz, SA News Editor12 Comments

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The leading gainers in the S&P 500 Index on a bruising day for the markets were mainly from the consumer sector.

With the S&P 500 Index down 3.60%, notable consumer stocks that are part of the index and held up relatively well included Coca-Cola (NYSE:KO) -0.24%, Hormel Foods (HRL) -0.43%, and Kimberly-Clark (KMB) -0.58%.

Coca-Cola (KO) was also the top performing stock in the Dow Jones Industrial Average.

The Consumer Staples Select Sector SPDR ETF (XLP) fell 1.95% in Monday morning trading.

The market sell-off is being tied to anxiety from investors over a recession and higher interest rates. A poll conducted by Financial Times of economists indicated that 70% expect the U.S. economy to slip into a recession next year, which added to the existing concerns that consumer spending could wilt this summer and into fall.

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