NEW YORK, Jan 7, 2026, 15:25 ET — Regular session
- Procter & Gamble shares fell about 1% as consumer staples lagged, even as tech held up.
- Traders are watching Friday’s U.S. jobs report for clues on rates, and P&G’s Jan. 22 earnings for guidance.
- Rotation talk picked up after a Wells Fargo note flagged a broader 2026 rally beyond mega-caps.
Procter & Gamble shares fell about 1.1% on Wednesday afternoon, down $1.51 at $138.40, underperforming a mixed U.S. tape.
The pullback matters now because staples have started the year on the back foot as investors lean into higher-growth corners of the market. The Consumer Staples Select Sector SPDR fund was down about 0.8%, while the Nasdaq-tracking QQQ was modestly higher and the Dow ETF lagged.
Traders have also been squaring up for Friday’s U.S. monthly employment report, a key release that can shift expectations for Federal Reserve rate cuts. “We had new record highs… and the momentum keeps building,” Peter Cardillo, chief market economist at Spartan Capital Securities, said in a Tuesday market note, pointing to a familiar early-year “January effect.” 1
A fresh rotation narrative added to the mix. Wells Fargo strategists said on Wednesday they expect the U.S. rally to broaden beyond its usual mega-cap leaders, with financials, materials, energy and technology seen as potential winners as investors rotate into laggards. 2
Among peers, Colgate-Palmolive and Kimberly-Clark were slightly higher, while Church & Dwight slipped and Unilever fell more than 3%.
Company-specific focus turns to Jan. 22, when P&G is due to discuss its fiscal second-quarter results on an 8:30 a.m. ET webcast. The report will also be closely read as the first earnings cycle since Shailesh Jejurikar took over as chief executive on Jan. 1. 3
P&G last reported fiscal first-quarter results in October, when it topped estimates and pointed to resilient demand in beauty and hair care even as shoppers stayed price-sensitive. “Some consumers are still feeling the pinch… but the wider swath of consumer America is hanging in there,” said Brian Jacobson, chief economist at Annex Wealth Management, which holds the stock. 4
But the setup cuts both ways. A weaker jobs print could pull yields lower and nudge money back toward defensive names like P&G, while a stronger report could keep pressure on staples if rate-cut bets fade. On the company side, any sign that pricing is slowing or costs are creeping up could force investors to revisit the margin story.
Next up is the U.S. employment report on Friday, Jan. 9, followed by P&G’s earnings and outlook on Thursday, Jan. 22.
