03:48 PM EDT, 06/05/2025 (MT Newswires) -- Consumer stocks fell late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 2.2%.

In economic news, Chinese President Xi Jinping told President Donald Trump to remove "negative" measures in trade negotiations and said that Trump was welcome to visit China, Bloomberg reported Thursday, citing a transcript of the phone conversation between the two leaders published by China's state broadcaster. Xi agreed to more trade talks, the report said.

In corporate news, Tesla (TSLA) shares fell past 14% after President Donald Trump threatened to terminate Elon Musk's government contracts.

Yum! Brands ( YUM ) filed a complaint in US Tax Court against the Internal Revenue Service, alleging that the agency wrongly adjusted the company's 2013-15 taxes to impose tax and penalties of $4 billion on a 2014 corporate reorganization, Bloomberg reported. The company's shares fell 0.9%

Winnebago Industries ( WGO ) shares dropped 5.7% after preliminary fiscal Q3 results trailed Wall Street estimates.

Brown-Forman's (BF.A) shares tumbled 17% as the wine and spirits maker issued a downbeat outlook amid an uncertain consumer backdrop after reporting a disappointing fiscal Q4.

Kimberly-Clark ( KMB ) agreed to form a $3.4 billion international tissue and professional products joint venture with Brazilian pulp producer Suzano (SUZ), Kimberly-Clark ( KMB ) shares fell 2%, and Suzano rose 7.2%.

Procter & Gamble ( PG ) plans to cut up to 7,000 non-manufacturing jobs and exit brands in some markets as part of a two-year restructuring program to streamline operations. The shares fell 1.8%.