08:59 AM EDT, 09/02/2025 (MT Newswires) -- Consumer stocks were leaning lower premarket Tuesday, with the Consumer Staples Select Sector SPDR Fund (XLP) slightly declining and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 1.2%.

PepsiCo ( PEP ) is facing a major activist campaign by hedge fund Elliott Investment Management, which has built a $4 billion stake in the beverage company and seeks to make changes to bolster its share price, the Wall Street Journal reported, citing people familiar with the matter. Shares of PepsiCo ( PEP ) were 5% higher pre-bell.