PepsiCo shares slip as defensive stocks sit out tech gains
PepsiCo shares slipped 2.8% to $146.28 as of Tuesday afternoon, trailing the broader U.S. market. The SPDR S&P 500 ETF, used as a benchmark for the market, rose 0.5%. The Nasdaq stock started the day at $149.71, hit a low of $145.74, and the company's market cap was around $200.7 billion. Wall Street was back in action after the Memorial Day break, and growth stocks grabbed early attention. Investors sold off defensive consumer shares. The Consumer Staples Select Sector SPDR ETF slipped 1.3%. Nasdaq’s holiday calendar confirmed U.S. markets were shut Monday.