Coca-Cola’s stock is suffering its worst day in 17 months as concerns over consumer spending grows

Shares of Coca-Cola Co.
KO,
-4.02%
were suffering their worst day in 17 months Thursday, amid a broad selloff in their consumer-staples peers and the broader stock market, amid growing fears that high interest rates and a slowing job market will derail the U.S. economy. The beverage giant’s stock slumped 4.1% in afternoon trading, enough to lead the Dow Jones Industrial Average’s
DJIA,
+0.06%
losers. That would be the biggest one-day decline since it dropped 7.0% on May 18, 2022. The stock was also headed for its lowest close since Dec. 1, 2021. The Consumer Staples Select Sector SPDR ETF
XLP,
-1.54%
was down 1.5% toward a one-year low and the S&P 500
SPX,
+0.01%
gave up 0.2%. Earlier Thursday, branded consumer foods company Conagra Brands Inc.
CAG,
-1.17%,
which is also a component of the consumer staples ETF, reported quarterly sales that fell short of expectations, amid an “industry-wide slowdown in consumption and recent consumer behavior shifts.”