03:34 PM EDT, 07/11/2024 (MT Newswires) -- Consumer stocks were declining late Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) decreasing 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.5%.

In corporate news, McDonald's (MCD) is likely to report a downbeat Q2 performance due to weak consumer demand, Morgan Stanley said in an earnings preview Thursday. The investment firm cut its price target on the stock to $300 from $312 while keeping its overweight rating. The fast food giant's shares rose 1.5%.