09:06 AM EDT, 08/30/2024 (MT Newswires) -- Consumer stocks were edging higher pre-bell Friday as the Consumer Staples Select Sector SPDR Fund ( XLP ) was marginally higher and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) recently advanced by 0.4%.

Chinese regulators said Alibaba Group Holding ( BABA ) had been cleared of allegations of monopolistic practices after a three-year investigation. Alibaba Group ( BABA ) shares were up more than 4% premarket.

Lululemon Athletica ( LULU ) shares rose by over 4% after it reported higher fiscal Q2 earnings and revenue.

Ulta Beauty ( ULTA ) shares were down almost 7% after reporting fiscal Q2 earnings of $5.30 per diluted share, down from $6.02 a year earlier. The company also lowered its outlook for full-year earnings per share and net revenue.