01:53 PM EDT, 04/22/2024 (MT Newswires) -- Consumer stocks were rising Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.5%.

In corporate news, Albertsons' ( ACI ) fiscal Q4 earnings surpassed Wall Street's expectations while revenue fell short, as the company and Kroger ( KR ) increased the number of stores they plan to divest in relation to the merger deal between the firms. Albertsons ( ACI ) shares fell 0.5% while Kroger ( KR ) was up 0.5%.

Tesla (TSLA) cut prices of its Model 3, Model Y, Model X, and Model S in China, according to media reports, citing the company's website. In Germany too, Tesla reportedly cut prices. Separately, Tesla (TSLA) dissolved its newly established marketing team as part of a broader layoff strategy, Bloomberg reported. Tesla shares dropped 2.8%.

Li Auto ( LI ) shares tumbled 5.3% after the firm cut prices on four of its five hybrid and electric passenger vehicles in China.