03:32 PM EST, 11/14/2024 (MT Newswires) -- Consumer stocks were down late Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) fractionally lower and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 1.1%.

In corporate news, Rivian (RIVN), Tesla (TSLA) and Lucid (LCID) shares were falling 14%, 5% and 4% in recent Thursday trading, respectively. Reuters reported that President-elect Donald Trump's transition team plans to end the $7,500 consumer tax credit for purchases of electric vehicles.