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Sector Update: Consumer Stocks Decline Late Afternoon

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Consumer stocks were lower late Thursday 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) falling 1.4%.

In corporate news, Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates on Thursday, and the restaurant operator's fiscal Q4 sales fell short of expectations. Its shares fell 1.1%.

Stellantis (STLA) and Nissan are in talks to buy some assets from Marelli, the bankrupt auto-parts supplier currently undergoing a complex Chapter 11 restructuring, Bloomberg reported. Stellantis shares were down 1.3%.

McCormick (MKC) reported fiscal Q2 results above Wall Street's estimates on Thursday, while reiterating its full-year outlook. McCormick shares gained 2.1%.

Bumble (BMBL) is exploring a sale amid a slowdown in growth of the online dating sector, Reuters reported. The dating app company has selected Morgan Stanley to assist it on a potential sale process, the report said. Bumble shares jumped past 5%.

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