Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Tesla's (TSLA) shares dropped 8% even after the company's Q2 deliveries beat market expectations, while Truist Securities said the electric vehicle maker failed to provide any updates on key topics.Rivian Automotive (RIVN) raised delivery projections for this year after the EV manufacturer's Q2 numbers exceeded expectations. Ford (F) reported a 10% drop in new US vehicle sales from a year earlier. Rivian shares jumped 8.3%, and Ford fell 2.6%.Franklin Covey's (FC) shares tumbled 14% after the company cut its full-year fiscal 2026 revenue guidance, undermining its fiscal Q3 results.Ferrari's (RACE) Q2 should deliver further sequential acceleration, along with an expected 2026 guidance upgrade, indicating a stronger-than-expected second-half performance ahead of a "balanced year" guidance, UBS Securities said in a note. UBS kept a buy rating on Ferrari and raised the price target to $497 from $483. Ferrari shares rose 2.3%.
