01:27 PM EDT, 05/01/2024 (MT Newswires) -- Consumer stocks were decreasing Wednesday 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, Estee Lauder ( EL ) lowered full-year revenue expectations amid continued softness in the prestige beauty category in China, while the company's fiscal Q3 results surpassed analysts' estimates. Its shares dropped more than 15%.