01:25 PM EDT, 06/03/2024 (MT Newswires) -- Consumer stocks were decreasing Monday 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, Paramount (PARA) and Skydance have agreed to the terms of a merger that is expected to be announced in the coming days, CNBC reported Monday. Separately, Skydance is planning to offer $23 per share to investors in Paramount's voting stock as part of its merger offer, Bloomberg reported Monday. Paramount shares surged 7.6%.