01:45 PM EDT, 07/05/2024 (MT Newswires) -- Consumer stocks were advancing Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.3%.

In corporate news, Macy's (M) is the target of a $6.9 billion buyout attempt by investors who previously failed to acquire the retailer, The Wall Street Journal reported late Wednesday. Macy's shares surged past 9%.

The parent company of Saks Fifth Avenue will buy Neiman Marcus in a $2.65 billion deal, while Amazon.com (AMZN) and Salesforce (CRM) will invest in a new operation formed by the combination, the luxury retailers said Thursday. Amazon shares added 1.2% and Salesforce was up 0.8%.

Tesla's (TSLA) Model Y was included in a procurement list of a local government in China, making it available for official purchase by government workers for the first time, according to media reports Thursday. Tesla shares were rising 0.3%.