Sector Update: Consumer Stocks Gain Tuesday Afternoon

MT Newswires Live07-03

Consumer stocks were higher Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.4%.

Redbook US same-store sales rose by 5.8% from a year earlier in the week ended June 29 after a 5.3% year-over-year increase in the previous week.

In corporate news, the US Federal Trade Commission has voted to block Tempur Sealy International's (TPX) $4 billion acquisition of Mattress Firm, the regulator said. Tempur shares were rising about 2%.

Tesla's (TSLA) stronger-than-projected Q2 deliveries mark "a huge comeback" by the electric vehicle maker, with the worst now likely in the rearview mirror for the company, Wedbush said Tuesday. Tesla shares jumped about 8%.

Warner Bros. Discovery (WBD) has expressed interest in a streaming deal with Paramount (PARA), as the latter holds discussions with firms to potentially merge its streaming service, CNBC reported Monday. Separately, IAC (IAC) is exploring a bid to take control of Paramount, Reuters reported Monday. Warner Bros. was up 0.7%, Paramount climbed 2.4% and IAC was down 0.4%.

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