The beaten-down packaged foods sector saw some relief Monday, as the heated exchange between Secretary of State Michael Pompeo and Chinese officials in Beijing prompted investors to seek out traditionally more stable sectors.
The S&P 1500 Packaged Foods Index (S15PACK) outperformed the broader market, rising as much as 1.7 percent to the highest intraday in two weeks, and paring its year-to-date decline.
Campbell Soup Co., Conagra Brands Inc., John B. Sanfilippo & Son, Inc., and Tyson Foods Inc. led the rally, with the majority of the 26 components trading in the green. Only Lamb Weston Holdings Inc. and Post Holdings Inc., failed to move upwards.
Both are among the best year-to-day performers in the group.
Real Estate and Utilities sectors, also considered to be “defensive” posted gains of more than 1 percent.
© Copyright 2023 Bloomberg News. All rights reserved.