03:41 PM EST, 01/21/2025 (MT Newswires) -- Consumer stocks rose late Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) increasing 0.5%.

In corporate news, Southwest Airlines ( LUV ) is cutting 270 pilot positions in Denver and Atlanta. The shares rose 2.5%.

General Motors' ( GM ) moves to restructure its business in China and refocus its Cruise autonomous driving business may be tailwinds for the company's stock, Deutsche Bank said. The brokerage upgraded the stock to buy from hold. GM shares jumped 5.6%.

Canoo ( GOEV ) shares plunged 73% after the company said late Friday it filed a voluntary petition for relief under Chapter 7 of the US Bankruptcy Code.

New Oriental Education ( EDU ) shares fell 24% after the company's fiscal Q2 profit failed to meet expectations, and fiscal Q3 revenue guidance trailed estimates.