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Sector Update: Consumer Stocks Decline Late Afternoon

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Consumer stocks fell late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 2.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining 2.6%.

In corporate news, JetBlue Airways (JBLU) will shut down its flight attendant base at Newark Liberty International Airport and tech-operations bases at Newark and New York's LaGuardia Airport in autumn to cuts costs and bolster service in Fort Lauderdale, Florida. JetBlue shares fell 1%.

Lululemon Athletica (LULU) apologized after a promotional yoga event held on the Great Wall of China drew criticism on Chinese social media over the alleged use of a Japanese drum during the performance, the Financial Times reported. Lululemon shares fell 2%.

CarMax's (KMX) fiscal Q1 earnings fell as comparable used-vehicle sales declined. The shares dropped 9.8%.

La-Z-Boy's (LZB) shares jumped 15% after the company reported fiscal Q4 earnings rose and said it expects sales to outperform the industry in the current quarter.

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