The bad news keeps piling up for the makers of everything from snacks to chocolate and booze.
The latest blow took the form of comments from Walmart Inc., which said this week that it’s already seeing an impact on shopping demand from people taking Ozempic, Wegovy and other appetite-suppressing medications. That sent shares of food and beverage companies sliding.
The S&P 500 Consumer Staples Index fell 0.5% on Friday, extending losses after its worst session since January just a day earlier. Modelo maker Constellation Brands Inc. and Kellanova, the company behind Cheez-It and Pringles, dropped on Friday, while Oreo maker Mondelez International Inc. closed at the lowest level since November. The consumer staples gauge suffered its worst week since May, with retailers Walmart, Costco Wholesale Corp. and Kroger Co. also declining.