Stock Market Update
09-Jul-26 11:00 ET
Consumer staples sector lags
Dow +128.50
at 52476.89,
Nasdaq +123.10
at 26014.75,
S&P +30.78
at 7513.49
[BRIEFING.COM] The major averages remain modestly higher.
Amid the enthusiasm across semiconductor stocks today, the defensive consumer staples sector (-1.4%) is a laggard, with a few corporate news items contributing to the retreat.
PepsiCo (PEP 136.96, -5.54, -3.89%) is trading lower after reporting a narrowly better-than-expected Q2 this morning. Core EPS of $2.20 modestly beat expectations, while revenue rose 6.4% to $24.18 billion, roughly in line. PEP also reaffirmed FY26 guidance for 5-7% core EPS growth and 4-6% reported revenue growth. However, North America was softer than anticipated, with both foods and beverages losing momentum from Q1. That overshadowed positive global volume growth and continued international strength. Management also sounded more cautious, now expecting a more gradual improvement in North America through the balance of the year.
Costco (COST 909.30, -43.83, -4.60%) holds a similar loss after reporting June adjusted comparable sales of +7%, which was lower than the 8% reported in May.
