Sector Update: Consumer Stocks Higher in Afternoon Trading
Consumer stocks were rising Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each adding about 0.5%.In sector news, Redbook US same-store sales rose by 7.8% from a year earlier in the week ended May 2 after a 7.7% year-over-year 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.President Donald Trump expressed his displeasure with Food and Drug Administration Commissioner Marty Makary for taking too long to approve flavored vapes and nicotine products, The Wall Street Journal reported.In corporate news, Harley-Davidson (HOG) shares jumped past 6% after it reported Q1 results. The company reported Q1 earnings of $0.22 per diluted share, down from $1.07 a year earlier. Analysts polled by FactSet expected $0.22. Revenue for the quarter was $1.17 billion, down from $1.33 billion a year earlier, but ahead of the FactSet analyst consensus of $1.01 billion.Ambev (ABEV) shares surged 15% after it reported higher-than-expected Q1 normalized earnings and net revenue.Anheuser-Busch InBev (BUD) shares climbed past 9% after the company reported higher fiscal Q1 underlying earnings and revenue.Wynn Resorts (WYNN) is weighing postponing the opening of the $5.1 billion Wynn Al Marjan Island casino resort in the United Arab Emirates amid construction delays due to the Middle East conflict, Bloomberg reported. Wynn shares were up 2%.