03:33 PM EDT, 09/25/2024 (MT Newswires) -- Consumer stocks fell late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.4%.

In corporate news, Morgan Stanley downgraded General Motors ( GM ) , Ford (F), Rivian (RIVN), Magna (MGA) and Phinia ( PHIN ) , citing "a combination of international, domestic and strategic factors that we believe may not be fully appreciated by investors." GM shares dropped 4.8%, Ford declined 4.4%, Rivian tumbled 6.1%, Magna lost 5.6% and Phinia ( PHIN ) slumped 6.5%.