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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) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 4.7%.

In corporate news, Tesla (TSLA) shares fell past 14% after it reported an unexpected year-over-year decline in Q2 earnings, weighed by higher operating expenses related to research and development and AI initiatives.

Albertsons (ACI) shares tumbled 23% after the grocery chain lowered its fiscal 2026 earnings and identical sales outlook and reported weaker-than-expected Q1 profits.

American Airlines (AAL) lowered its full-year earnings outlook on Thursday as higher fuel costs drove Q2 bottom-line lower year on year, adding to signs that rising fuel prices are weighing on airline profitability. Its shares dropped 7.5%.

IMAX (IMAX) shares jumped past 10% after it reported better-than-expected Q2 performance.

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