Sector Update: Consumer Stocks Rise Late Afternoon
Consumer stocks rose late Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.7%.In sector news, Redbook US same-store sales last week rose 7.8% from a year earlier after a 7.7% increase in the previous week. "Warmer weather and Mother's Day promotions are boosting sales of seasonal clothing and accessories as the day approaches," Redbook said.In corporate news, Honda Motor (HMC) is pausing its plans to build an EV manufacturing facility in Canada amid weak US demand, Nikkei Asia reported. The automaker, which initially intended to invest 15 billion Canadian dollars ($11 billion) in the site and a battery factory, suspended the project indefinitely and initiated discussions with the Canadian government, the report said. Honda shares rose 1.3%.Harley-Davidson (HOG) shares jumped 7.4% after the company reported Q1 revenue that topped Wall Street estimates.Ambev (ABEV) shares surged 17% after the company reported higher-than-expected Q1 normalized earnings and net revenue.Anheuser-Busch InBev (BUD) shares climbed 9.4% after the company reported higher fiscal Q1 underlying earnings and revenue.
