Sector Update: Consumer Stocks Decline in Afternoon Trading
Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.8%.In sector news, the US Department of Justice's Antitrust Division is criminally investigating large meatpacking companies after President Donald Trump in November accused the firms of manipulating prices, The Wall Street Journal reported.In corporate news, QXO (QXO) has agreed to buy insulation products company TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, as the roofing products distributor aims to expand its building products portfolio. QXO shares fell 5.2%, and TopBuild jumped past 17%.Brown-Forman (BF.A) is said to favor a potential sale to Pernod Ricard over another proposal from Sazerac, Bloomberg reported. Brown-Forman shares were down 0.8%.Rivian Automotive's (RIVN) factory in central Illinois was damaged by a tornado over the weekend, CNBC reported, citing an internal message from CEO RJ Scaringe to employees Sunday night. Rivian shares fell 1.8%.