01:57 PM EST, 01/17/2025 (MT Newswires) -- Consumer stocks were higher Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.9%.

In corporate news, PepsiCo ( PEP ) is facing a lawsuit filed by the US Federal Trade Commission in a federal court in Manhattan for alleged price discrimination against retailers, Bloomberg reported. PepsiCo ( PEP ) shares were up nearly 1%.

Volkswagen aims to expand its partnership with Rivian (RIVN), beyond existing software collaboration, German news outlet Spiegel reported. Volkswagen plans to invest nearly $6 billion in Rivian by 2027. Separately, Rivian said late Thursday it closed a loan agreement with the US Department of Energy for up to $6.6 billion to back the construction of a plant in Georgia. Rivian shares were down fractionally.

Figs (FIGS) has rejected an unsolicited acquisition proposal from Story3 Capital Partners. Figs shares dropped nearly 3%.