03:57 PM EDT, 07/24/2024 (MT Newswires) -- Consumer stocks were lower late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 4%.

In corporate news, T-Mobile US ( TMUS ) said Wednesday it has agreed to form a joint venture with KKR (KKR) that will buy fiber company Metronet, as the wireless carrier looks to expand its broadband portfolio. T-Mobile US ( TMUS ) shares added 0.4%, while KKR was falling 1.9%.

Unionized hotel workers in four US cities could soon authorize a potential strike against Marriott International ( MAR ) , Hilton Worldwide ( HLT ) , Hyatt Hotels ( H ) and Omni Hotels & Resorts after contract talks failed, the employees' union said Wednesday. Marriott ( MAR ) shares fell 2.7%, Hilton shed 2.6%, and Hyatt down 2.7%.

Tesla (TSLA) shares tumbled past 12% after its Q2 earnings fell short of market expectations, hit by lower vehicle prices and restructuring charges.

Lamb Weston ( LW ) shares plunged more than 28%. The company guided for an annual decline in fiscal 2025 earnings on Wednesday after posting an unexpected decrease in revenue and below-forecast earnings for the fiscal Q4 amid challenging market dynamics.