01:56 PM EDT, 05/24/2024 (MT Newswires) -- Consumer stocks were higher Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1.2%.

In corporate news, Ross Stores ( ROST ) shares were up more than 8% after several analysts raised their price targets on the stock following the company's forecast-beating Q1 performance.

Lucid (LCID) said it will terminate 400 employees, or 6% of its workforce, as part of a restructuring plan to cut costs amid a soft electric vehicle market. Its shares fell 1.3%.

Peloton (PTON) has obtained a $1 billion loan to refinance debt, including a 2026 bond, the Financial Times reported late Thursday. Peloton shares were shedding 1.2%.