Sectors
Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.9%.In sector news, US consumer sentiment improved from an initial April estimate, but remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, final University of Michigan survey results showed Friday. The main sentiment index fell 6.6% to 49.8 from last month. The consensus in a Bloomberg poll expected the April reading to be revised to 48.5 from the preliminary estimate of 47.6.In corporate news, Boyd Gaming (BYD) shares dropped 6% after it posted Q1 results that fell short of analysts' estimates.Procter & Gamble (PG) reported stronger-than-expected fiscal Q3 results on Friday, while the consumer goods giant reiterated its full-year outlook. Its shares rose 2.4%.Charter Communications (CHTR) reported Q1 earnings below market estimates as revenue declined annually, driven by weakness in the residential video and Internet segments. The shares slumped 26%.Stellantis (STLA) plans to direct the bulk of its future investment toward Jeep, Ram, Peugeot, and Fiat under Chief Executive Antonio Filosa's turnaround strategy, Reuters reported. The carmaker is set to unveil the long-term plan in May, focusing on strengthening its most profitable global brands while streamlining its sprawling 14-brand portfolio, the industry's largest, the report said. Stellantis shares were down 2.8%.
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