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Sector Update: Consumer Stocks Mixed Premarket Tuesday

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Consumer stocks were mixed premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.3% higher.

MGM Resorts International (MGM) 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, The Wall Street Journal reported, citing people familiar with the matter. Shares of MGM Resorts International were down 0.5% pre-bell.

Lulu's Fashion Lounge (LVLU) shares were up more than 8% after the company said it has formed a special committee to evaluate strategic alternatives to boost stockholder value, including a possible transaction or continued execution of its standalone plan.

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