03:44 PM EDT, 07/31/2024 (MT Newswires) -- Consumer stocks rose late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1.8%.

In corporate news, Marriott ( MAR ) shares slumped 4.9%. On Wednesday, the company lowered its guidance for full-year earnings and a key revenue metric after its Q2 sales fell short of market expectations.

McDonald's (MCD) $5 meal is helping to reverse a slump in customer traffic and is helping win over consumers from rivals, Bloomberg reported Wednesday, citing a company memo to franchisees it viewed. The fast food giant's shares were shedding 0.3%.

T-Mobile US ( TMUS ) raised its outlook for postpaid customer additions in 2024 as Q2 results topped market expectations. The stock climbed 3.8%.

Starbucks ( SBUX ) shares jumped 3.2%. The company maintained its full-year outlook even after its fiscal Q3 results declined with sales missing Wall Street's expectations.