01:39 PM EDT, 06/03/2024 (MT Newswires) -- Consumer stocks were decreasing Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.7%.

In corporate news, Paramount (PARA) and Skydance have agreed to the terms of a merger that is expected to be announced in the coming days, CNBC reported Monday. Separately, Skydance is planning to offer $23 per share to investors in Paramount's voting stock as part of its merger offer, Bloomberg reported Monday. Paramount shares surged 8.2%.

Spirit Airlines ( SAVE ) Chief Financial Officer Scott Haralson is departing the budget airline to join rental-car company Hertz (HTZ) in the same role at the end of the month. Spirit shares fell 2.6%, and Hertz dropped 8%.

GameStop ( GME ) shares surged almost 39% after a post on Reddit (RDDT) appeared to show that the person behind the 2021 meme stock craze has a major holding in the video game retailer. Keith Gill bought 5 million shares of GameStop ( GME ) at $21.27 each for a total of $115.7 million, according to a screenshot shared over the weekend on Reddit's r/SuperStonk forum.