XLV - Consumer staples stocks rise as investors seek safety

2023-03-13 10:25:27 ET

A flight to safety amid the fallout from Silicon Valley Bank’s ( SIVB ) sudden collapse is boosting consumer staples stocks on Monday.

Among the S&P sectors, consumer staples ( XLP ) are only behind real estate ( XLRE ) and utilities ( XLU ) in terms of gains. The healthcare sector ( XLV ) is also rising sharply on Monday, appearing to benefit from the same shift to defense by investors. Financials ( XLF ), as stands to reason, is the day’s worst performing sector by quite a wide margin.

Notable gainers in the consumer staples sector included General Mills ( NYSE: GIS ) +3.26% , JM Smucker ( NYSE: SJM ) +3.19% , Campbell Soup Company ( NYSE: CPB ) +2.2% , Procter & Gamble ( NYSE: PG ) +2.03% and Kellogg Company ( NYSE: K ) +2.99% .

Read more on KBW’s top picks in the financial sector .

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