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Sector Update: Consumer Stocks Fall Late Afternoon

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Consumer stocks were lower late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each falling 1.1%.

Redbook US same-store sales rose by 8.3% from a year earlier in the week ended Sept. 5 after a 9.6% year-over-year increase in the previous week. Redbook noted positive customer responses to Labor Day promotions. Sales were driven mainly by back-to-school demand and seasonal apparel. There were high sales for food items in discount stores ahead of long holiday weekend.

In corporate news, Casey's General Stores (CASY) shares fell past 14% after its fiscal Q1 same-store sales growth slowed and missed Wall Street estimates, even though earnings and revenue topped expectations.

Fox (FOX) is facing expanded antitrust scrutiny from the US Department of Justice over its $22 billion acquisition of streaming platform Roku (ROKU), Semafor reported. Fox shares were down 1.5%, and Roku shed 1.5%.

Chewy's (CHWY) fiscal Q2 results largely matched Wall Street's expectations even as the online pet store company faced pressure within the consumables and hard goods categories. Its shares were down 10%.

Signet Jewelers (SIG) lifted its full-year earnings outlook on Wednesday as the diamond jewelry retailer's bottom line exceeded market expectations in fiscal Q2 amid comparable sales strength across all fine jewelry brands. Its shares jumped 21%.

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