01:37 PM EDT, 05/02/2024 (MT Newswires) -- Consumer stocks were higher Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1% recently.

In corporate news, Peloton (PTON) shares tumbled more than 9% after the company said Thursday it's cutting its global headcount by nearly 15%, affecting about 400 employees. The company also said that President and Chief Executive Barry McCarthy is stepping down and will serve as a strategic adviser through the end of 2024.