01:47 PM EDT, 05/01/2024 (MT Newswires) -- Consumer stocks were decreasing Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.7%.

In corporate news, Estee Lauder ( EL ) lowered full-year revenue expectations amid continued softness in the prestige beauty category in China, while the company's fiscal Q3 results surpassed analysts' estimates. Its shares plunged almost 13%.

Starbucks ( SBUX ) shares sank 17% in recent Wednesday trading following a string of analyst actions after the company reported its fiscal Q2 results late Tuesday.

Norwegian Cruise Line ( NCLH ) shares tumbled nearly 14%. The company reported Q1 adjusted earnings of $0.16 per diluted share, swinging from a loss of $0.30 a year earlier.