03:30 PM EDT, 03/28/2025 (MT Newswires) -- Consumer stocks declined late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 3.1%.

In economic news, the University of Michigan consumer sentiment index was revised lower to 57 for March from 57.9 in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Amazon.com (AMZN) MGM Studios head Jen Salke is stepping down to launch a new production entity, Reuters reported, citing an internal memo. Amazon ( AMZN ) shares fell past 4%.