03:57 PM EDT, 10/29/2025 (MT Newswires) -- Consumer stocks were lower late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) falling 2.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.9%.

In corporate news, Honda ( HMC ) is cutting or suspending production at several of its North American plants due to a shortage of semiconductors, Bloomberg reported. Honda ( HMC ) shares were down 2.2%.

General Motors ( GM ) will temporarily lay off about 5,500 workers across three US plants as it reassesses EV production following President Donald Trump's decision to eliminate federal tax credits for EV buyers, multiple media outlets reported. GM shares fell 1.4%.

Stride (LRN) shares sank 54% following its Q1 results and fiscal 2026 guidance in the previous day. BMO Capital downgraded the stock to market perform from outperform.

Paramount Skydance ( PSKY ) has started a round of layoffs involving 1,000 employees as part of a plan to cut $2 billion in costs following its merger with Skydance Media, with more to come at a later date, Bloomberg reported. Paramount fell 2%.