Plus, oil and global bond yields keep marching higher Good morning, I’m filling in for Spencer Jakab. Oil prices were up again on Tuesday morning after President Trump on Monday threatened more strikes on Iran. Meanwhile, bond yields around the world continued marching higher: The 10-year Japanese government bond yield crossed 3% to hit a 30-year high.

The 10-year Bund yield reached 3.339%, unseen since 2011, and in the U.K., the 10-year gilt yield rose to 5.234%, the highest since 2008. With the Iran war dragging on, consumer sentiment weak and periodic jitters around AI stocks, a defensive consumer stock might be just what investors are craving. Look no further than Casey’s General Stores.

The rural-leaning, pizza-selling convenience-store giant is eating Domino’s lunch and scooping up rival chains. It is the fifth-largest pizza chain in the U.S.After gaining 36% year to date, Casey’s shares trade at about 34 times forward earnings. This places it among the most richly valued retailers in the S&P 500 alongside Costco, which fetches 42 times.

That may seem pricey, but Casey’s has some unique moats. Cheap pizza is one. Casey’s large pie costs $13.99, which is some 22% below comparable pizza offerings, according to a report from William Blair.

Domino’s, Papa Johns and Pizza Hut’s pizzas are all priced closer to $20, for example.