03:37 PM EDT, 05/16/2025 (MT Newswires) -- Consumer stocks rose late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.8%.

In sector news, President Donald Trump said that he plans to set tariff rates for US trading partners in the "next two or three weeks," media outlets reported. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be sending out letters to tell other nations what "they'll be paying to do business" in the US, Trump said in a meeting with business executives in the UAE, according to the reports.

In corporate news, Carnival (CCL) shares gained 1.9% after HSBC upgraded the stock to hold from reduce and raised its price target to $24 from $14.