03:49 PM EDT, 06/03/2024 (MT Newswires) -- Consumer stocks fell late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.3%.

In corporate news, Tesla (TSLA) defended Chief Executive Officer Elon Musk's pay raise against proxy advisory firm Institutional Shareholder Services' objections, citing Musk's achievement of creating over $735 billion in market value for stockholders. Tesla shares fell 1.2%.

United Airlines (UAL) is getting delivery of six Boeing's (BA) 737 Max 9 jets per month as part of its fleet-restructuring strategy to accommodate the delay in Max 10 jets, Bloomberg reported, citing United CEO Scott Kirby. United shares eased 0.1%.

Paramount (PARA) and Skydance have agreed to the terms of a merger that is expected to be announced in the coming days, CNBC reported. Skydance is planning to offer $23 per share to investors in Paramount's voting stock as part of its merger offer, Bloomberg reported. Paramount shares surged 8,7%.

Spirit Airlines ( SAVE ) Chief Financial Officer Scott Haralson is departing the budget airline to join rental-car company Hertz (HTZ) in the same role at the end of the month. Spirit shares fell 0.6%, and Hertz dropped 5.9%.