03:24 PM EDT, 05/08/2024 (MT Newswires) -- Consumer stocks were retreating late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.4%.

In corporate news, Shopify ( SHOP ) reported better-than-expected Q1 results amid double-digit gross merchandise volume gains, but it flagged a sales growth slowdown in the current period. Its shares plunged 19%.