03:57 PM EDT, 09/27/2024 (MT Newswires) -- Consumer stocks were rising late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each adding 0.3%.

In corporate news, Wynn Resorts' ( WYNN ) underappreciated growth opportunity in the United Arab Emirates, near low valuation, and other factors give the company a favorable risk-reward and re-rating potential, Morgan Stanley said in a report. The investment firm upgraded Wynn to overweight from equal weight and increased its price target to $104 from $97. Wynn shares jumped over 7%.

Tesla (TSLA) is expected to report Q3 vehicle deliveries above Wall Street's estimates amid strength in its key China market, along with price and demand stabilization, Wedbush said in a client note. Tesla shares rose 2.4%.

Costco's (COST) fiscal Q4 earnings rose more than expected while the warehouse chain's revenue fell short of Wall Street's estimates. Its shares were falling 1.7%.

EW Scripps (SSP) is set to eliminate more than 200 jobs and scale back its national news programming amid a difficult linear TV advertising marketplace, Chief Executive Adam Symson said in a memo to employees Friday. Its shares jumped past 23%.