01:38 PM EDT, 06/01/2026 (MT Newswires) -- Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) shedding 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 2.1%.

In corporate news, MGM Resorts International ( MGM ) shares jumped past 15% after the firm confirmed that it has received an offer from People Inc. to acquire all MGM shares that it does not already own for $48.30 per share in cash.

Taylor Morrison Home ( TMHC ) shares surged 22% after the homebuilder agreed to be acquired and taken private by conglomerate Berkshire Hathaway (BRK.A, BRK.B) in an all-cash deal with an equity value of about $6.8 billion.

Walmart ( WMT ) is capping its staff's usage of an artificial intelligence agent following a period of high demand, Bloomberg reported. The retail giant is now offering a limited amount of "tokens" per worker to use the AI agent, called Code Puppy, which helps employees with spreadsheets and presentations, among other tasks, the report said. Walmart ( WMT ) shares were down 1.5%.