01:40 PM EDT, 08/06/2026 (MT Newswires) -- Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each decreasing 0.6%.

In sector news, the US Federal Communications Commission has voted 2-1 to remove a restriction that limits companies from owning broadcast TV stations reaching more than 39% of TV households, Deadline reported Thursday. The move faces a potential court challenge, amid warnings that only Congress has the authority to remove the restriction, according to the report. FCC Chairman Brendan Carr has said that the cap removal is essential for providing relief for local broadcasters by restoring a counterbalance against growing leverage of national programmers.

In corporate news, Papa John's International (PZZA) shares fell past 15% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.

Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.

Warner Bros. Discovery ( WBD ) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 1.8%.