08:54 AM EDT, 07/29/2024 (MT Newswires) -- Consumer stocks were edging higher premarket Monday as the Consumer Staples Select Sector SPDR Fund (XLP) was marginally advancing and the Consumer Discretionary Select Sector SPDR Fund (XLY) was recently up 0.7%.

Alibaba Group Holding ( BABA ) shares rose by more than 2% after Bloomberg News reported a change in company policy to earn more service fees from merchants. According to the report, a person familiar with the matter said the company will start charging a basic software service fee of 0.6% on confirmed transactions for vendors on the Tmall and Taobao platforms.