Shares of U.S. grocers, packaged food companies and supermarkets were lagging in the first three weeks of 2023, in a sharp contrast to last year, as their high valuations and unattractive dividend appeal pushed investors to U.S. Treasuries.
In a reversal of the trend, consumer staples sector has shed 3.4% in 2023, the most among the major S&P sectors, while the S&P 500 has climbed 1.5% on easing bets of a severe economic downturn. “You couple this with the fact that there are other yield alternatives now relative to the yield-rich sector of staples.”
The U.S. 10-year Treasury yield stands at 3.4%, while the consumer staples sector is offering a dividend yield of 2.7%, according to Refinitiv data.
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