01:48 PM EDT, 06/25/2025 (MT Newswires) -- Consumer stocks were lower Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 1.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.3%.

In corporate news, Tesla's (TSLA) new car sales in Europe dropped almost 28% in May from a year earlier, even as total battery electric vehicle sales in the region jumped more than 27%, the European Automobile Manufacturers Association reported. Tesla shares were shedding 4.4%.

FedEx ( FDX ) shares dropped 3.8% after the company guided fiscal Q1 earnings below market estimates and declined to give a full-year view amid tariff uncertainty, even though its Q4 results topped market expectations.

General Mills ( GIS ) recorded fiscal Q4 sales below market expectations as volume and prices fell, while the Cheerios maker projected earnings in fiscal 2026 to be down by double digits on a yearly basis. Its shares fell 4.7%.