Congressman Ditches Tech for Consumer Staples in Recent Stock Trades

Congressman Scott Franklin has made several notable stock trades in recent weeks. On August 20, he sold between $1,000 and $15,000 worth of Apple Inc (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG) stock. These transactions were part of a larger shift away from the 'Magnificent Seven' stocks that Franklin had previously held.

The Congressman has been selling off some of his biggest tech holdings in favor of consumer staples like McDonald's Corp (NYSE:MCD) and PepsiCo (NASDAQ:PEP). On August 26, he bought between $1,000 and $15,000 worth of shares in both companies. Franklin also sold JPMorgan (NYSE:JPM) stock and purchased shares of Accenture (NYSE:ACN) and Novo Nordisk (NYSE:NVO).

The Congressman's trading history reveals that he has made 290 stock trades totaling $80.9 million since 2021, according to data from Quiver Quantitative. Franklin's recent trades may indicate that he believes the worst of inflation is behind consumers and that companies like McDonald's and PepsiCo could be winners moving forward.