03:22 PM EDT, 05/23/2024 (MT Newswires) -- Consumer stocks were in the red late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 1.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.7%.

In corporate news, Under Armour ( UAA ) has longer-term potential, however, it is best to move to the sidelines and wait for a clear indication of better fundamental momentum, Oppenheimer said in a note Thursday. The investment firm downgraded the company to perform from outperform. Under Armour ( UAA ) shares slumped 3.7%.