08:59 AM EDT, 05/01/2024 (MT Newswires) -- Consumer stocks were declining premarket Wednesday, with the Consumer Staples Select Sector SPDR Fund ( XLP ) 0.4% lower and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) down 0.3%.

Starbucks ( SBUX ) dropped more than 12% after the company reported lower fiscal Q2 adjusted earnings and sales that also missed the market's expectations.

CDW (CDW) was down nearly 7% after it reported lower Q1 non-GAAP earnings and net sales that also missed estimates from analysts polled by Capital IQ.

Estee Lauder ( EL ) was more than 3% lower after saying it expects fiscal Q4 adjusted earnings of between $0.18 and $0.28 per diluted share, below the $0.75 forecast from analysts polled by Capital IQ.