01:27 PM EDT, 04/24/2024 (MT Newswires) -- Consumer stocks were rising Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.8%.

In corporate news, Tesla's (TSLA) shares climbed 10.8% after the company disclosed plans to launch new models earlier than expected, softening the blow from its weaker-than-anticipated Q1 financial results.