The stock market closed Tuesday down about 0.5% as measured by the Dow Jones Industrial Average of 30 blue-chip stocks. But unlike Monday’s blood-bath, eight of the 17 stocks we follow gained ground. Among those gaining ground, Constellation Brands (up 0.64%) and Molson Coors Beverages (up 1.44%). But some major, blue-chip bev/al stocks eased again, including Pernod Ricard (-3.02%), Bown-Forman (down 1.44%), Anheuser-Busch InBev (down 1.1%), Diageo (down 2.34%), and Moet-Hennessy Louis Vuitton (down 1.58%).
There didn’t seem to be any particular reason for some of the quality bev/al stocks continuing to fall while some of the more volatile stocks, such as Willamette Valley Vineyards, Vintage Wine Estates and Boston Beer posted losses.
The S&P 500 closed in bear market territory for the first time since 2020, ending 0.4% lowere.We suspect stocks, including bev/al stocks, will continue to be unsteady for a while, especially since the Federal Reserve is expected to announce interest rate hikes on Wednesday. The only question there seems to be how big the rate hike will be.