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Sector Update: Consumer Stocks Edge Higher Premarket Tuesday

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Consumer stocks were edging higher premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) inactive and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.5%.

AutoZone (AZO) shares were down more than 5% even after the company posted higher fiscal Q3 net income and net sales.

Starbucks' (SBUX) Korean unit has suffered a "very significant" drop in sales following a controversial marketing campaign, Reuters and other media outlets reported. Starbucks shares were marginally advancing premarket.

Miniso (MNSO) stock was 0.2% lower after the company reported a decline in Q1 adjusted earnings.

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$GCN6$GLD
Sectors

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$NGM6$UNG
Sectors

Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

Gold traded higher early Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up $45.80 to US$4,602.20 per ounceThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed due to the U.S. Memorial Day holiday.

$GCN6$GLD