Stricken with inflation angst, investors seek comfort in food

Karelia Tobacco

24/05/2022 20:12

** McDonalds  MCD.N , up 2.9%, provided the S&P 500  .SPX  with
its biggest support on Tuesday as investor appetites turned
defensive, with outperforming consumer staples sector  .SPLRCS 
led by items including soup, breakfast cereal, beer, chocolate
and cigarette stocks
    ** Campbell Soup was up 2.9% compared with the staples
sector's 1.1% gain and the broader S&P 500's 1.3% decline
    ** Cigarette co Philip Morris  PM.N  up 2.5%, followed by
breakfast cereal co Kellog co, up 2.4%, similar to grocer Kroger
Co  KR.N , up 2.3%
    ** Sticking with the middle aisles investors also shopped
for General Mills  GIS.N , Hershey  HSY.N , jam maker JM Smucker
 SJM.N  and seasoning co McCormick & Co  MKC.N , all up more
than 1%
    ** Beer co Molson Coors  TAP.N  up 2.1%, Coca-Cola  KO.N 
rose 1.4% while Costco Wholesale  COST.O  gained 1.3%
    ** The shopping basket also included Colgate-Palmolive
 CL.N , Kimberly-Clark  KMB.N  and Procter & Gamble  PG.N , all
up more than 1% with items such as toothpaste, soap and tissues
seen as necessary purchases even in hard times 







 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))