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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 0.4% 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, California Attorney General Rob Bonta said Tuesday on X that Paramount Skydance (PSKY) is attempting to "blackmail" the state into letting its acquisition of Warner Bros. Discovery (WBD) proceed. Paramount shares were up 0.5%, and Warner added 0.9%.

Best Buy (BBY) is seeing improving sales momentum amid factors such as continued replacement demand and emerging mini-product cycles, Truist Securities said Tuesday. Truist upgraded its rating on the company's stock to buy from hold and raised its price target to $95 from $81. Best Buy shares added 1.7%.

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%.

ACV Auctions (ACVA) has received takeover interest and is exploring a potential sale, Bloomberg reported. ACV, a digital marketplace where people can buy and sell cars, is working with financial advisers to conduct a review, and is also considering a strategic partnership as an alternative to a sale, the report said. ACV shares were up 0.4%.

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