Sector Update: Consumer Stocks Softer Late Afternoon
Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.In sector news, US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, University of Michigan's preliminary survey showed Friday. The main sentiment index plunged about 11% to 47.6 in April from March. That's the lowest print on record, BMO Capital Markets said in a note. Wall Street expected a 51.5 print, according to Bloomberg's poll.In corporate news, Nike (NKE) Chief Innovation Officer Tony Bignell is leaving the company after less than a year on the job, The Wall Street Journal reported. Bignell will be succeeded by Andy Caine, Nike vice president and creative director for sportswear, effective Sunday, the report said. Nike shares fell 3.4%.Nexstar Media's (NXST) $6.2 billion merger with Tegna is facing fresh hurdles after a federal judge extended the restraining order on the deal by one week to April 17 to review whether a longer preliminary injunction is needed, the Associated Press reported Friday. Nexstar shares were up 2.8%.Simply Good Foods (SMPL) shares fell 11% after Stephens downgraded the company's rating to equal-weight from overweight and cut its price target to $14 from $24.CarMax (KMX) shares rose 2.3% after it said late Thursday it plans to add William Cobb and James Kessler to its board following "constructive engagement" with activist investor Starboard Value.