What happened

Keurig Dr Pepper (KDP 1.19%) stock modestly underperformed a weak market last month. Shares fell 13% compared to a 12.5% decline in the S&P 500, according to data provided by S&P Global Market Intelligence.

The beverage giant is outpacing wider indexes so far in 2020, though, down just 18%.

A glass of soda.

Image source: Getty Images.

So what

Keurig Dr Pepper is far from immune to the impact of COVID-19's spread and the related temporary shutdown of much of the global economy. Rival Coca-Cola, for example, warned investors that it noticed a sharp sales decline beginning in mid-March tied to the cancellation of major sporting events and the closure of many restaurants.

Keurig Dr Pepper should see an impact from these changes, too, but its March 19 update was brighter. Executives affirmed their 2020 outlook, and described mostly higher demand from its retailing partners as consumers stock up on groceries and pantry items.

Now what

Investors are waiting for more clarity about the exact timing of when key parts of the economy will resume normal operations. From there, Keurig Dr Pepper's growth path will depend on whether global economic conditions quickly start improving in the wake of the COVID-19 pandemic, leading to more occasions of on-premises soda sales.