09:12 AM EDT, 10/02/2024 (MT Newswires) -- Consumer stocks were leaning lower premarket Wednesday as the Consumer Staples Select Sector SPDR Fund ( XLP ) fell by 0.2% and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was down 0.7% recently.

Nike ( NKE ) shares declined by over 7% after the company reported lower fiscal Q1 earnings and revenue.

Lamb Weston Holdings ( LW ) shares declined by almost 5% after the company reported lower fiscal Q1 adjusted earnings and net sales. The company also lowered its fiscal 2025 guidance for adjusted earnings per diluted share.

Conagra Brands ( CAG ) shares were down more than 3% after the company reported lower fiscal Q1 adjusted earnings and net sales.