Sector Update: Consumer Stocks Edge Lower Late Afternoon

MT Newswires Live03-21

Consumer stocks were edging lower late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each easing 0.2%.

In corporate news, Stellantis (STLA) shares were shedding nearly 1% after it said Friday it's offering voluntary buyout packages to some factory workers in the US amid an effort to boost efficiency.

Target (TGT) trimmed its salaried employee bonuses after sales and profit slumped amid weak consumer spending, Bloomberg reported. Target shares were rising 0.5%.

Nike (NKE) shares fell 5.7% as the sportswear giant flagged revenue and gross margin declines in fiscal Q4 amid tariff impacts and company-wide transformation efforts, while reporting better-than-expected results in Q3.

FedEx (FDX) shares dropped past 6%, a day after the company cut its fiscal 2025 outlook on adjusted earnings and revenue growth. Loop downgraded the stock to sell from hold and lowered its price target to $221 from $283.

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