While consumer cyclical stocks surged as a cooler than anticipated CPI sparked a risk-on rally, more defensively oriented consumer names conversely languished.
Within the consumer defensive sector, packaged food producers were among the hardest hit. The Hershey Company (NYSE:HSY) -3.81%, Campbell Soup Company (NYSE:CPB) -2.74%, J.M. Smucker (NYSE:SJM) -2.19%, Conagra Brands(NYSE:CAG) -2.34%, General Mills (GIS) -2.19%, SunOpta (STKL) -13.75%, and Kellogg Company (K) -1.8% led declines across the space, marking a small spot of red in a sea of green across the market.
While food inflation continued to rise in October, the pace of price increases slowed in the month. Dig into the details of the CPI report released on Thursday.