Where to hide in a bear market? Soda, peanut butter and tissues
What is a bear market?ReplayMore Videos ... (14 Videos)What is a bear market?Strategist: We're at peak pessimism (and why that's a good thing)Oil industry consultant: 'Can't drill our way out of' Russian oil ban'Shark Tank' investor warns market hasn't hit rock bottom yet Sales are up and prices too. Crocs CEO says brand was 'too cheap'Here's what investors are worried about as retail stocks plungeStrategist explains why we've 'reached peak inflation'Expedia CEO: Travel demand will be 'gangbusters' this summer despite rising pricesRichard Quest: 'The market is in deep dysfunction'Redfin Chief Economist: Despite signs of the housing market cooling, prices will stay highHere's why stocks could rebound after a volatile monthAnalyst: Musk leveraging Tesla stock to buy Twitter is like swapping sushi for a hot dogInvestment strategist explains why he's sticking with NetflixAsset manager: 'For long term investors volatility is your friend'New York (CNN Business)Stocks plunged again Monday, extending Friday's losses and officially pushed the S&P 500 into bear market territory. But as any savvy investor knows, you can always find winners on Wall Street, even when things seem dire.
Traders flocked to safe haven consumer products companies Monday. Coca-Cola (KO) and peanut butter and jelly giant Smucker (SJM) were among the top performers in the S&P 500, each eking out small gains in midday trading. (Coke led the Dow as well.) Kleenex maker Kimberly-Clark (KMB), McDonald's (MCD), SPAM owner Hormel Foods (HRL) and supermarket chain Kroger (KR) were all up slightly too, while shares of Pepsi (PEP), Tyson Foods (TSN), Kellogg (K) and Hershey (HSY) all dipped much less than the broader market. During times of economic stress, companies that sell essential goods like food and beverages do better than firms offering more discretionary products and services.Some of the worst performing stocks Monday were in the travel and leisure sectors. Casino owners Caesars (CZR), Penn National (PENN) and MGM (MGM), cruise lines Carnival (CCL), Norwegian (NCLH) and Royal Caribbean (RCL) and airlines United (UAL) and American (AAL) all tumbled sharply.Read MoreCoca-Cola is putting Jack & Coke in a canNot all of Monday's winners (or losers) were tied to consumer spending and recession fears, though. Duke Realty (DRE), a warehouse real estate owner, was flat following the news that it was getting acquired by rival Prologis (PLD) for $26 billion. (Shares of Prologis sank more than 8% however.)Several regional banks and insurers, which should get a boost to profits from higher interest rates, rose as well. Truist (TFC), Comerica (CMA) and PNC (PNC) were all in the green, as were Travelers (TRV), Allstate (ALL) and Progressive (PGR).But one regional bank was actually the biggest decliner in the S&P 500 Monday. New York-based Signature Bank (SBNY) tumbled 13%, likely spurred by bitcoin's decline. Signature is a leading provider of crypto-backed lending products, so its fortunes have largely followed the price of bitcoin of late. Another crypto bank, Silvergate Capital (SI), plunged 16%.Click Here To Get Funded!