Consumer Sector Insights: What Happened Last Week
Market and consumer sector performance last week
The S&P 500 Index (SPY)(SPX-Index) finished last week, which ended on September 22, with a mere gain of 0.08%. The consumer staples sector had a disastrous week, losing 2.3%. The sector was affected by the decline in food company stocks like General Mills, Campbell Soup, Kellogg, Conagra Brands, and J.M. Smucker. A few stocks also fell in the consumer discretionary sector. Bed Bath & Beyond fell 21.5% after dismal earnings results. The consumer discretionary sector fell 0.14% last week.
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Other events that kept the market awake last week included the FOMC meeting held on September 19 and 20. The Federal Reserve kept its target interest rate range at 1.00%–1.25% and mentioned that its balance sheet shrinking program would begin in October. Fed Chair Janet Yellen showed optimism regarding the US economy and the inflation rate, hinting at another rate hike before the end of this year.
Consumer sector–based ETFs had a bad week. The Consumer Staples Select Sector SPDR ETF (XLP) was the second-biggest loser, falling 2.4% on a weekly basis. The SPDR S&P Retail ETF (XRT) and the Consumer Discretionary Select Sector SPDR Fund (XLY) fell 0.97% and 0.10%, respectively.