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Sector Update: Consumer Stocks Rise Tuesday Afternoon

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Consumer stocks gained Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 2.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.3%.

Redbook US same-store sales last week rose 8.3% from a year earlier after a 7.8% increase in the previous week. Redbook said retailers have been clearing summer stock to bring in back-to-school items.

US consumer confidence unexpectedly fell in July, with "little improvement" in business conditions expected over the next six months, a survey by the Conference Board showed. The consumer confidence index dropped to 90.8 from June's upwardly revised 92.2. The consensus was for 92.4 in a Bloomberg survey.

In corporate news, Coca-Cola (KO) shares jumped 4.3%. The company raised its full-year earnings growth outlook after reporting stronger-than-expected fiscal Q2 results.

United Parcel Service (UPS) lifted its full-year revenue outlook after delivering Q2 results above consensus estimates. The company expects Q3 domestic revenue to be flat as operations with Amazon (AMZN) shrink. UPS shares fell 5.9%.

Lucid Group (LCID) shares surged 10% after Saudi Prince Alwaleed bin Talal Al Saud disclosed a 5% stake in the company, according to a Schedule 13G filing.

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