Sector Update: Consumer Stocks Lower in Late Afternoon Trading

Consumer stocks declined late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 1.9%. In corporate news, Domino's Pizza's (DPZ) Q2 results are expected to reflect near-term pressure from macro headwinds, elevated promotional activity, and difficult comparisons, UBS Securities said. Domino's shares fell 3%. Tesla's (TSLA) expansion into Miami saw Robotaxis debuting with fewer drivers and without people acting as safety monitors in passenger seats during early rides, The Information reported. Tesla shares fell 2.4%. Paramount Skydance's (PSKY) $110 billion bid to acquire Warner Bros. Discovery (WBD) is facing a new hurdle after Oregon Attorney General Dan Rayfield said he will ask a local court to pause the merger for 60 days, Paramount shares fell 2.9%. Estee Lauder (EL) approved an additional $197 million in restructuring and related charges, bringing total costs under a recovery and growth plan to $1.75 billion. The latest charges comprise $74 million in employee-related costs, $87 million in asset-related costs and smaller.