01:43 PM EDT, 08/13/2024 (MT Newswires) -- Consumer stocks were higher Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 2.3%.

Redbook US same-store sales increased 4.7% from a year earlier in the week ended Aug. 10 after a 5.1% year-over-year increase in the previous week.

In corporate news, Starbucks ( SBUX ) has poached Chipotle Mexican Grill ( CMG ) Chief Executive Brian Niccol, who will assume the top role at the coffee giant next month. Starbucks ( SBUX ) shares surged nearly 21% while Chipotle tumbled 7.4%.

Home Depot ( HD ) slashed its full-year earnings and comparable sales outlooks on Tuesday as macroeconomic headwinds weigh on consumer demand, even though the company logged better-than-expected top and bottom line results in its fiscal Q2. The retailer's shares were adding 1.4%.

On (ONON) Q2 results rose year over year but earnings fell short of market estimates, while the company reiterated its full-year sales growth outlook. Its shares jumped 7.2%.