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Sector Update: Consumer Stocks Fall Friday Afternoon

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Consumer stocks were falling Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) shedding 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.1%.

In corporate news, Netflix's (NFLX) Q2 revenue fell short of Wall Street's estimates, while the streaming giant said it will no longer publish its engagement report semi-annually. Its shares fell 7.7%.

Autoliv's (ALV) Q2 revenue topped expectations, though earnings fell short amid higher raw material costs. Autoliv shares were down 3.8%.

Coca-Cola (KO) said late Thursday that Fairlife, its dairy company, identified unauthorized third-party access to a part of its systems during a ransomware attack. Coca-Cola said it is investigating the impact of the incident and has notified law enforcement. Coca-Cola shares were shedding 4%.

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