01:53 PM EDT, 05/16/2025 (MT Newswires) -- Consumer stocks rose Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.7%.

In sector news, President Donald Trump said that he plans to set tariff rates for US trading partners in the "next two or three weeks," media outlets reported Friday. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be sending out letters to tell other nations what "they'll be paying to do business" in the US, Trump said in a meeting with business executives in the UAE, as cited by the reports.

In corporate news, Charter Communications ( CHTR ) and Cox Communications agreed to combine in a $34.5 billion deal that would better position the combined entity to compete with broadband and streaming companies. Charter shares gained 1.7%.

Verizon Communications ( VZ ) shares rose 1.1% in recent Friday trading after the Federal Communications Commission's Wireline Competition Bureau approved its $20 billion acquisition of Frontier Communications (FYBR). Frontier shares were up 0.3%.

BRF (BRFS) has agreed to be fully acquired by Marfrig, the two Brazilian meat and poultry companies said. BRF shares declined 0.7%.