01:29 PM EDT, 07/24/2024 (MT Newswires) -- Consumer stocks were lower Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) decreasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 3.1%.

In corporate news, Tesla (TSLA) shares tumbled past 10% as its Q2 earnings fell short of market expectations, impacted by lower vehicle prices and restructuring charges.