01:55 PM EDT, 10/03/2024 (MT Newswires) -- Consumer stocks declined Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) falling 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.4%.

In corporate news, Levi Strauss (LEVI) shares tumbled 7.5%, a day after the company reported fiscal Q3 revenue that missed estimates by analysts and started a formal review of alternatives for its Dockers brand, including a potential sale.

Warner Bros. Discovery's ( WBD ) shares dropped 3.7% as Guggenheim cut the company's price target to $9 from $12 while maintaining the buy rating.

Tesla (TSLA) removed its most affordable Model 3 sedan from its website's US order page in a signal that recent tariffs on Chinese imports present a "double edge sword" for US automakers, Wedbush Securities said. Meanwhile, Bloomberg News reported Tesla's Chief Information Officer Nagesh Saldi is leaving. The stock fell 4%.