Sector Update: Consumer Stocks Advance Pre-Bell Monday

MT Newswires Live03-24 13:06

Consumer stocks advanced pre-bell Monday with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 1.7% higher recently.

Smithfield Foods (SFD) shares advanced by over 2% after the company said it has joined the Russell 1000 Index effective Friday.

Quantasing Group (QSG) shares were up more than 2% after the company said it has agreed to invest in Shenzhen Yiqi Culture, also known as Letsvan, marking Quantasing's entry into the pop toys market and broader consumer goods industry.

Alibaba (BABA) and Huawei-made semiconductors are reportedly being used by Ant Group to develop cost-efficient artificial intelligence training techniques, multiple media outlets reported, citing unnamed sources. Alibaba shares were 0.8% higher pre-bell.

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