01:57 PM EDT, 08/28/2024 (MT Newswires) -- Consumer stocks were retreating Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.4%.

In corporate news, J.M. Smucker (SJM) lowered its fiscal 2025 guidance amid a slowdown in the convenience channel, while the food producer unexpectedly advanced Q1 earnings year over year. Its shares dropped 4.5%.

Abercrombie & Fitch ( ANF ) shares tumbled 19%. The company reported stronger-than-expected fiscal Q2 results while raising its full-year sales growth target, but Chief Executive Fran Horowitz said the apparel retailer is facing an "increasingly uncertain environment."

Chewy (CHWY) shares jumped nearly 15%. The company on Wednesday reported better-than-expected fiscal Q2 earnings, while the online pet store lifted its full-year core profit margin guidance.