P&G stock leads the Dow's losers as debt-ceiling optimism turns investors away from safety of consumer staples
Shares of Procter & Gamble Co. (PG) slumped 1.6% toward a 2 1/2-month low in midday trading, enough to pace the Dow Jones Industrial Average's decliners, as optimism over a debt-ceiling deal took investors' focus away from the safety of the consumer staples sector. The stock of P&G, which is the parent of staples brands such as Tide, Pampers, Tampax and Gillette, was falling as the Consumer Staples Select Sector SPDR exchange-traded fund shed (XLP) 1.2% as 34 of its 37 equity components lost ground. Among some of the ETF's biggest decliners, shares of discount retailer Target Corp. (TGT) dropped 2.7% and snacks giant Mondelez International Inc. (MDLZ) slid 2.5%. That compared with the 0.6% gain in Consumer Discretionary Select Sector ETF (XLY), which was led by the 4.9% rally in Ford Motor Co.'s stock (F) and Tesla Inc. shares' (TSLA) 3.9% jump.
-Tomi Kilgore
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May 30, 2023 12:07 ET (16:07 GMT)
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