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Sector Update: Consumer Stocks Mixed Pre-Bell Monday

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Consumer stocks were mixed premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) retreating 0.5%.

Nio (NIO) shares were up more than 1% pre-bell after Goldman Sachs upgraded the company to buy from neutral and lifted its price target to $7 from $6.60.

MGM Resorts International (MGM) stock was 2.5% higher after a nearly 1% gain at the prior close. The Wall Street Journal reported late Friday that the company is evaluating a takeover proposal from billionaire investor Barry Diller after the company's board formed a special committee and hired advisers to review the offer.

Papa John's International (PZZA) shares declined by 1.9% after BofA Securities downgraded the company to underperform from neutral.

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