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Sector Update: Consumer Stocks Mixed Late Afternoon

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Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 0.2%.

In sector news, Redbook US same-store sales rose by 10.5% from a year earlier in the week ended June 27 after a 10.0% year-over-year increase in the previous week. Redbook noted that there was an increase in demand for seasonal products such as air conditioners, fans, pool and beach equipment, swimwear, and other summer apparel.

Separately, US retailers are placing China orders four to six weeks earlier than usual to build Black Friday and Christmas inventories ahead of potential US tariff hikes, Reuters reported, citing shipping executives. Frontloaded shipments have tightened container capacity on China-US routes, with spot rates from Shanghai to New york and Los Angeles rising week over week and year over year, maritime consultancy Drewry said.

In corporate news, Allegiant Travel (ALGT) shares gained 2.8% after the company said it now expects Q2 adjusted earnings per share for the combined entity to be at least $1.25 following the acquisition of Sun Country Airlines, inclusive of Sun Country's results from May 13 through June 30.

Patrick Industries (PATK) and LCI Industries (LCII) have entered into a definitive agreement to merge in an all-stock deal, the companies said Tuesday. Patrick Industries shares fell 3.1%, and LCI jumped past 6%.

Philip Morris International (PM) shares were down 1.2% after it said Tuesday the US Food and Drug Administration issued Modified Risk Tobacco Product orders for 20 variants of ZYN nicotine pouch products.

Paramount Skydance's (PSKY) proposed $110 billion takeover of Warner Bros. Discovery (WBD) might face regulatory intervention over media plurality concerns, British culture minister Lisa Nandy said Tuesday. Paramount shares were up 0.6%, and Warner fell 2%.

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