01:31 PM EST, 11/13/2024 (MT Newswires) -- Consumer stocks were edging higher Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.

In corporate news, Rivian Automotive ( RIVN ) shares surged 17% after it struck a deal to form a joint venture with Volkswagen, with a deal size of up to $5.8 billion.