09:15 AM EDT, 03/12/2024 (MT Newswires) -- Consumer stocks were edging higher premarket Tuesday as the Consumer Staples Select Sector SPDR Fund (XLP) was advancing by 0.2% and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was up 0.7% recently.

MINISO Group Holding ( MNSO ) rose by over 10% after it reported higher adjusted earnings and revenue for the quarter ended Dec. 31.

Archer-Daniels-Midland ( ADM ) was up more than 3% after saying it has developed a remediation plan regarding a material weakness in its internal control over financial reporting related to its accounting practices and procedures for intersegment sales.

Alibaba Group Holding's ( BABA ) wholly-owned media and entertainment unit will spend 5 billion Hong Kong dollars ($639.1 million) over the next five years in Hong Kong's television, film, and cultural events industries, the company said in a report on its official news outlet, Alizila. Alibaba Group Holding ( BABA ) was over 1% higher pre-bell.