U.S. equities continue to quietly drift just below record highs — stretching the run without even a 1% loss in more than 100 days.
While the confidence seems invincible, investors are beginning to show some concern as technical measures grow increasingly overbought, breadth continues to narrow and the “hard” economic data keeps rolling over. The Atlanta Fed’s GDPNow real-time estimate of first-quarter growth fell to just 0.9% this week.
And let’s not forget the Federal Reserve’s increasingly hawkish policy stance, announcing another quarter-point rate hike and penciling in another two rate hikes through the rest of the year.
With this in mind, it’s no wonder investors are starting to express interest in some more defensive areas such as consumer staples. With that in mind, here are four that are on the move.