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Sector Update: Consumer Stocks Rise Late Afternoon

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Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.1%.

In corporate news, Sirius XM (SIRI) shares gained 7.8% after Deutsche Bank upgraded the company's stock to buy from hold and raised its price target to $45 from $31.

Amazon (AMZN) Teamsters launched a one-day unfair labor practice strike Wednesday at the company's largest US warehouse facility in Riverside, California, the union said in a release. Amazon shares were up 0.1%.

Uber (UBER) is reducing its workforce by about 10% as part of restructuring efforts aimed at removing management layers and reducing "complexity" across the business. Uber shares rose 1.7%.

G-III Apparel (GIII) shares fell 11% after it reported lower fiscal Q2 net sales and issued fiscal Q3 outlook below expectations.

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