03:50 PM EDT, 08/21/2025 (MT Newswires) -- Consumer stocks fell late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) declining 0.6%.

In corporate news, two Democrats in the US House of Representatives are investigating the merger between Paramount and Skydance Media that formed Paramount Skydance ( PSKY ) to determine if the companies submitted to "illegitimate demands" from President Donald Trump in order to earn regulatory approval, CNBC reported, citing a letter the legislators sent to Chief Executive Officer David Ellison. Paramount Skydance ( PSKY ) shares rose 14%.

Walmart ( WMT ) shares fell 4.9% after the retailer reported lower-than-expected fiscal Q2 adjusted earnings.

Cato (CATO) shares surged 39% after the company reported Q2 earnings and revenue rose from a year earlier.

Tesla (TSLA) is facing an audit query from the US National Highway Traffic Safety Administration over delays in reporting crashes that occurred "several months" or more before the dates they were officially reported, the regulator said. Tesla shares lost 0.8%.

Coty ( COTY ) shares dropped 22%, a day after the company reported a wider fiscal Q4 quarterly loss and a decline in sales.