12:16 PM EDT, 07/03/2024 (MT Newswires) -- Consumer stocks were mixed Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.7%.

In corporate news, National Amusements reached a preliminary deal to sell its controlling interest in Paramount (PARA) to Skydance Media, media outlets reported. Under the proposed terms of the agreement, Skydance Media will pay $1.75 billion for National Amusements, which owns 77% of Paramount's voting shares, The Wall Street Journal reported. Paramount shares jumped 7.5%.