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Sector Update: Consumer Stocks Mixed Tuesday Afternoon

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Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.4%.

Redbook US same-store sales rose by 7.8% from a year earlier in the week ended July 18 after an 8.2% year-over-year increase in the previous week. Redbook noted brisk demand for the remaining summer merchandise due to hot weather across the country.

In corporate news, Utz Brands (UTZ) shares surged 89% after Germany-based Intersnack agreed to buy the US snacks maker in a $2.9 billion take-private deal.

General Motors (GM) lifted its full-year earnings outlook on Tuesday as the carmaker recorded an unexpected year-over-year increase in its Q2 revenue. GM shares climbed 5.3%.

Diageo (DEO) Chair John Manzoni is planning a board shake-up to add drinks industry expertise as Chief Executive Dave Lewis leads the company's turnaround, the Financial Times reported. Diageo shares were down 1.2%.

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