01:47 PM EDT, 05/02/2024 (MT Newswires) -- Consumer stocks were higher Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.

In corporate news, Peloton (PTON) shares tumbled almost 9% after the company said Thursday it's cutting its global headcount by nearly 15%. The company also said Chief Executive Barry McCarthy is stepping down and will serve as a strategic adviser through the end of this year.

Wayfair ( W ) shares jumped 15% after it reported stronger-than-expected Q1 results even as orders fell.

Etsy ( ETSY ) sank 15% in recent trading, a day after the company reported lower Q1 net income per diluted share from a year earlier.