02:05 PM EST, 11/05/2024 (MT Newswires) -- Consumer stocks were higher Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.5%.

In corporate news, Restaurant Brands International's (QSR) Q3 results fell short of market estimates as overall comparable sales growth slowed down amid declines at Burger King, Popeyes Louisiana Kitchen and Firehouse Subs. Its shares fell 2.6%.

Dollar Tree ( DLTR ) shares declined 0.3% after the company said that Rick Dreiling stepped down as chairman and chief executive due to health reasons.

Ferrari ( RACE ) reported Q3 earnings Tuesday of 2.08 euros ($2.27) per share, up from 1.82 euros a year earlier and above the Capital IQ consensus of 2.02 euros. Net revenue was 1.64 billion euros, up from 1.54 billion euros in the year-ago period, but below consensus of 1.65 billion euros. Ferrari ( RACE ) shares tumbled past 7%.