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Sector Update: Consumer Stocks Edge Higher Pre-Bell Monday

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Consumer stocks were edging higher pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.1%.

PDD (PDD) shares were up more than 3% after the company reported higher Q2 revenue, while non-GAAP earnings topped analysts' expectations.

Alibaba Group (BABA) stock was down more than 1% after the company priced a placement of 710 million new shares at 112.70 Hong Kong dollars ($14.38) apiece in Hong Kong for about HK$80 billion in proceeds.

Philip Morris International (PM) entered into a contract manufacturing arrangement with Philip Morris USA, an operating company of Altria (MO), for combustible cigarettes, the company said. Philip Morris International shares were up 0.4% premarket.

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Sector Update: Financial Stocks Climb Late Afternoon

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