Aug 23, 10:57 AM

S&P 500 Consumer Staples Sector Hits New Highs; 70% of $XLP Members Above 200-Day Average

The S&P 500 Consumer Staples sector is experiencing significant upward momentum, achieving new highs as 70% of its members trade above their 200-day moving average. Notably, the Consumer Staples ETF, represented by $XLP, is breaking out to fresh highs, with increased bullish activity observed in major consumer names such as Walmart ($WMT), Costco ($COST), Target ($TGT), Unilever ($UL), Philip Morris ($PM), and International Flavors & Fragrances ($IFF). In addition, 62 members of the S&P 500 ($SPX) closed at new 52-week highs, with nearly half of these gains occurring in the Finance sector. The Financial sector ETF, $XLF, has reached an all-time high for the second time this week and is currently outperforming the S&P 500 year-to-date. The S&P 493 also hit new highs, driven by strong performance across various sectors including financials, healthcare, industrials, real estate, staples, and utilities. This broadening earnings per share (EPS) recovery is notable, as 70.7% of companies reported stronger year-over-year EPS gains in the second quarter, marking the best breadth since the fourth quarter of 2021. Historical trends suggest that such strong breadth may indicate higher prices in the upcoming six to twelve months.

#Consumer Staples #Walmart #Costco #Target #Unilever #Philip Morris #Finance #Financial sector

Written with ChatGPT (GPT-4o mini).

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S&P 500 Consumer Staples Sector Hits New Highs; 70% of $XLP Members Above 200-Day Average

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