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Sector Update: Consumer Stocks Gain Tuesday Afternoon

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Consumer stocks were higher Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.5%.

Redbook US same-store sales rose 7.6% from a year earlier in the week ended Aug. 15 after an 8.3% year-over-year increase in the previous week. Redbook noted that it is too early to tell consumer behavior is being impacted by new seasonal programs due to varying back-to-school start dates and tax-free holidays.

In corporate news, Home Depot (HD) reported fiscal Q2 results above Wall Street's estimates as customers continued to take on smaller projects, while the home improvement retailer reaffirmed its full-year outlook. Shares rose 0.6%.

Walt Disney (DIS) and its ABC unit sued the US Federal Communications Commission on Tuesday to block an early review of broadcast licenses for eight ABC stations, according to multiple media reports, which cited a lawsuit filed in a Washington, D.C. federal court. Disney shares were up 1.2%.

Amer Sports (AS) lifted its full-year outlook on Tuesday as the sports equipment company reported Q2 results above market estimates, buoyed by double-digit revenue growth across all of its segments. Shares advanced 2.5%.

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