01:26 PM EDT, 05/22/2024 (MT Newswires) -- Consumer stocks were retreating Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.7%.

In corporate news, Target's ( TGT ) fiscal Q1 earnings unexpectedly declined, while the retailer issued downbeat bottom-line guidance at the midpoint for the ongoing three-month period. Its shares fell 7%.