01:37 PM EDT, 07/08/2024 (MT Newswires) -- Consumer stocks were decreasing Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) fractionally lower.

In corporate news, Paramount (PARA) will merge with Skydance Media to establish a new entity via a two-step deal, which includes the acquisition of Paramount's controlling shareholder, National Amusements. Paramount shares were falling 3.6%.