PEP - Consumer staples stocks buck broader market selloff

Consumer staples stocks served their purpose as safe havens amid market volatility on Friday. An overheated CPI print on Friday morning prompted a widespread selloff that hit everything from tech to energy to financials. Amid the bearish action, only a select few S&P stocks were left hanging onto only modest gains.  Indeed, only 20 stocks in the S&P were able to muster a gain of more than 1% shortly before Friday’s close while about half of the index’s 504 stocks marked a greater than 2% decline. Gold miner Newmont Corporation (NEM +4.0%) led the index, while Illumina (ILMN -9.1%) Caesars Entertainment (CZR -8.8%) and Etsy (ETSY -8.6%) jockeyed for position as the worst performer shortly before the close of the week. Yet, of particular note on a sector basis was the performance of consumer staples stocks that made up the bulk of the index’s gainers on a down day for major

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Consumer staples stocks buck broader market selloff