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Sector Update: Consumer Stocks Advance Late Afternoon

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Consumer stocks were higher late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.1%.

Redbook US same-store sales rose by 8.7% from a year earlier in the week ended Aug. 1 after an 8.3% year-over-year increase in the previous week. "Shoppers took advantage of the annual sales tax holidays for school supplies and clothing in Arkansas, New Mexico, Tennessee, and West Virginia," Redbook said.

In corporate news, McDonald's (MCD) Q2 revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment. Its shares were still up 1.2%.

Nike (NKE) shares fell 2.3% after JPMorgan downgraded the stock to underweight from neutral, and cut the price target to $40 from $47.

Spotify (SPOT) issued a stronger-than-expected Q3 revenue outlook, even though it said certain free-tier limitations in emerging markets could impact active users. Its shares were down 1.1%.

Abercrombie & Fitch (ANF) is considering options for its China business, including finding local partners to help grow the business, Bloomberg reported. The company is working with an adviser to review its Chinese assets, and it may sell a stake in the unit, which could be valued at several hundred million dollars, the report said. Abercrombie shares rose 1.1%.

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