Sector Update: Consumer Stocks Rise in Afternoon Trading

MT Newswires Live12-17

Consumer stocks were higher Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.3%.

In corporate news, Tesla (TSLA) could reach a market capitalization of $2 trillion by the end of 2025 as the company's autonomous driving vision takes shape, according to Wedbush Securities. Wedbush maintained its outperform rating on Tesla's stock and lifted its 12-month price target to $515 from $400. Tesla shares jumped 5.5% recently.

Ford's (F) joint venture with South Korean electric vehicle battery manufacturer SK On secured an up to $9.63 billion loan from the US government for the construction of three new battery production plants. Ford shares were falling about 4%.

Starbucks (SBUX) will increase paid parental leave for US store employees working at least 20 hours per week, Chief Executive Brian Niccol said in a post Monday on the company's website. Starbucks shares fell 4%.

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