While tech stocks are falli𝓰ng Wednesday,𒉰 consumer staples are on the rise. 

The S&P 500’s consumer staples s🧜ector was up 1.5%, making it the benchmark index’s best performer on a day when the broader index and the tech-focused Nasdaq Composite were in retreat.

The moves lifted shares of companies including food makers General Mills (GIS), Conagra Brands (CAG), J.M. Smucker (SJM) and Kellanova (K). Nearly all of the sector’s components were recently in the green, with a few retailers among the exceptions. General Mills was up about 4%, making it one of the S&P 500'🔥s top gainers.

Why Are Consumer Staple Stocks Up?

Concerns about the health of the U.S. consumer have weighed on staples companies 🍰lately.

PepsiCo (PEP) recently offered a warning that shoppers were getting more “澳洲幸运5官方开奖结果体彩网:value-conscious,” while Pringles maker Kellanova cited “澳洲幸运5官方开奖结果体彩网:challenging” economic conditions. The recent comments indicate some of their product lines may be under pressure from wh🍎ite-label alternatives. But the stocks are also seen as possible hedges against economic weakness.

Investors may also be attracted to the sector as they l🅘ook for stocks that have lately unde💧rperformed.

The sector rose 8% in the first half, according to S&P Dow Jones Indices data, lagging technology and communications services stocks. Respondents to Bank of America’s latest monthly 澳洲幸运5官方开奖结果体彩网:fund manager survey said they have lately increased their allocation to staples shares while pulling back on discretionary stocks.