03:30 PM EDT, 06/03/2024 (MT Newswires) -- Consumer stocks were lower late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.2%.

In corporate news, Tesla (TSLA) on Monday defended Chief Executive Elon Musk's pay raise against proxy advisory firm Institutional Shareholder Services' objections, citing Musk's achievement of creating over $735 billion in market value for stockholders. Tesla shares were shedding nearly 1%.