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Sector Update: Consumer Stocks Decline Late Afternoon

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Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.

Redbook US same-store sales rose by 9% from a year earlier in the week ended May 30, the same pace as in the previous week.

In corporate news, Uber (UBER) has placed usage caps on some AI-powered coding tools used by its staff to control costs after the company exceeded its AI budget earlier this year, Bloomberg reported. Uber shares were down 3.2%.

Dollar General (DG) raised its full-year earnings outlook on Tuesday, while the discount retailer's fiscal Q1 bottom line topped estimates but revenue missed expectations. Its shares fell 3.5%.

Victoria's Secret (VSXY) shares soared 47% after the lingerie retailer raised its full-year sales and earnings guidance.

Signet Jewelers (SIG) raised its full-year guidance on Tuesday after posting fiscal Q1 results that topped Wall Street expectations, citing stronger holiday performance and early second-quarter momentum. Its shares rose 4%.

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