03:07 PM EDT, 06/05/2025 (MT Newswires) -- Consumer stocks were lower late Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 2.1%.

In economic news, Chinese President Xi Jinping told President Donald Trump to remove "negative" measures in trade negotiations and said that Trump was welcome to visit China, Bloomberg reported Thursday, citing a transcript of the phone conversation between the two leaders published by China's state broadcaster. Xi agreed to more trade talks, the report said.

In corporate news, Tesla (TSLA) shares fell past 13% after US President Donald Trump threatened to terminate Elon Musk's government contracts in a Truth Social post.