Sector Update: Consumer Stocks Rise in Afternoon Trading

MT Newswires Live03-24 17:54

Consumer stocks rose Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 3.2%.

In sector news, President Donald Trump said during a cabinet meeting he will announce tariffs on automobiles "very shortly" and on pharmaceuticals "at some point in the not-too-distant future," Bloomberg reported.

In corporate news, James Hardie Industries (JHX) agreed to buy outdoor home products firm Azek (AZEK) for $8.75 billion in a cash and stock deal. Azek shares jumped 14%, and James Hardie fell 18%.

Kenvue (KVUE) is being urged by investor TOMS Capital Investment Management to consider selling the company or spinning off some of its assets, Bloomberg reported. Kenvue shares added 0.4%.

American Rebel (AREB) shares fell past 15% after the firm said Monday it will launch a reverse stock split of its shares at a ratio of 1-for-25.

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