Sector Update: Consumer Stocks Higher Late Afternoon
Consumer stocks gained late Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.2%.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 rose 4.5%. The company raised its full-year earnings growth outlook after reporting stronger-than-expected fiscal Q2 results.BuzzFeed (BZFD) shares jumped 8.8% after its board approved a plan to cut about 35% of its workforce and dedicated contractors to lower costs.Sherwin-Williams (SHW) shares climbed 8.4% after the paint manufacturer reported stronger-than-expected Q2 results and raised its full-year outlook.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 6.2%.
