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Sector Update: Consumer Stocks Decline Late Afternoon

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Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 1.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.2%.

In corporate news, JetBlue Airways' (JBLU) balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport Research Partners said. Seaport downgraded its rating on the JetBlue stock to neutral from buy and withdrew its price target, just months after upgrading the stock on the assumption that the Strait of Hormuz would reopen. JetBlue shares were down past 6%.

PENN Entertainment (PENN) said Monday it plans to invest nearly $195 million to relocate its Boomtown Casino & Hotel New Orleans riverboat casino to a new landside property on adjacent land and rebrand it as Hollywood Casino New Orleans, subject to regulatory approval. PENN Entertainment shares were shedding 1.1%.

Paramount Skydance (PSKY) on Monday asked a federal judge in Oakland, California, to require the 12 states suing to block the company's acquisition of Warner Bros. Discovery (WBD) to post a $1.88 billion bond by Sept. 30. Paramount shares were up 1.2%.

H World (HTHT) shares jumped past 11% after it reported better-than-expected Q2 results.

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Sector Update: Financial Stocks Edge Lower Late Afternoon

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