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Sector Update: Consumer Stocks Decline in Afternoon Trading

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Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.

Redbook US same-store sales rose by 8.3% from a year earlier in the week ended Aug. 8 after an 8.7% year-over-year increase in the previous week. Sales were lifted by back-to-school sales, particularly in multiple states that were holding sales tax holidays, Redbook said.

In corporate news, On (ONON) tempered its full-year constant-currency sales growth outlook as the Swiss sneaker maker's Q2 revenue fell short of market estimates. Its shares fell past 20%.

Tencent Music Entertainment's (TME) shares tumbled past 11% after the company's Q2 revenue grew at a slower pace sequentially, though the results topped Wall Street's estimates.

Lionsgate Studios (LION) is being urged by activist investor Anson Funds to either redefine itself for "the AI era" or put itself up for sale, Semafor reported, citing a July letter to Lionsgate's board that it reviewed. Lionsgate shares fell 2.9%.

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