03:36 PM EDT, 10/07/2024 (MT Newswires) -- Consumer stocks fell late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.6%.

In corporate news, Coca-Cola (KO), PepsiCo (PEP) and General Mills (GIS) are facing scrutiny from two US Democratic lawmakers due to the companies' alleged "pattern of profiteering off consumers" through so-called shrinkflation and by paying less in taxes. Coca-Cola shares fell 1.7%, PepsiCo declined 0.5% and General Mills dropped 1.1%.