01:49 PM EDT, 07/23/2025 (MT Newswires) -- Consumer stocks were edging higher Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) fractionally up and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.4%.

In economic news, President Donald Trump has unveiled a trade deal with Japan in which the punitive import tariff was lower than anticipated. The trade deal with Japan announced late Tuesday imposes a 15% levy, less than the 25% duty previously proposed. Japanese automobiles are included in the lower tariff rate, while Tokyo agreed to import more US goods such as rice and automobiles.

In corporate news, shares of Japanese carmakers Toyota Motor ( TM ) and Honda Motor ( HMC ) jumped about 13% each following the completion of the trade agreement between the US and Japan.

Lamb Weston ( LW ) shares surged past 16% after it reported fiscal Q4 results above Wall Street's estimates and announced a cost-savings program to boost profitability.

Hasbro's ( HAS ) Q2 revenue beat Wall Street's estimates, though the toymaker said Wednesday that it faced order delays within consumer product operations due to uncertainty surrounding tariffs. Its shares were down 0.7%.