02:00 PM EDT, 05/30/2024 (MT Newswires) -- Consumer stocks were rising Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.8%.

In corporate news, Best Buy's ( BBY ) fiscal Q1 earnings grew more than the market forecast, and its guidance for fiscal 2025 was in line with analysts' expectations. Its shares climbed nearly 12.8% recently.

Kohl's (KSS) shares fell nearly 24% after the retailer swung to a fiscal Q1 loss on a drop in sales and lowered its full-year outlook.

Hormel Foods ( HRL ) lifted the low end of its full-year earnings outlook on Thursday, even though the food maker's fiscal Q2 sales decreased from a year earlier and missed market expectations. Its shares tumbled 9%.