Sector Update: Consumer Stocks Fall in Afternoon Trading

MT Newswires Live06-18

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.9%.

In corporate news, CarMax's (KMX) fiscal Q1 earnings fell year over year on Wednesday as comparable used vehicle sales swung negative. Its shares dropped nearly 8%.

La-Z-Boy's (LZB) shares jumped past 19% after the company reported a year-over-year gain in fiscal Q4 earnings and said it expects sales to outperform the industry in the ongoing quarter.

Stellantis (STLA) has pledged new investments in Italy, including 5 billion euros ($5.80 billion) in research and development by 2030 and the addition of engineering jobs, Bloomberg reported, citing FIM-CISL labor union secretary general Ferdinando Uliano. Stellantis shares added 0.8%.

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