01:48 PM EDT, 06/05/2025 (MT Newswires) -- Consumer stocks were lower Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.8%.

In economic news, Chinese President Xi Jinping told President Donald Trump to remove "negative" measures in trade negotiations and said that Trump was welcome to visit China, Bloomberg reported Thursday, citing a transcript of the phone conversation between the leaders published by China's state broadcaster. Xi agreed to more trade talks, the report said.

In corporate news, Brown-Forman's (BF.A) shares tumbled 16% as the wine and spirits maker issued a downbeat outlook amid an uncertain consumer backdrop, while reporting a disappointing fiscal Q4 performance.

Kimberly-Clark ( KMB ) has agreed to form a $3.4 billion international tissue and professional products joint venture with Brazilian pulp producer Suzano (SUZ), the companies said Thursday. Kimberly-Clark ( KMB ) shares were falling 1.7%.

Procter & Gamble ( PG ) plans to reduce up to 7,000 non-manufacturing jobs and exit brands in some markets as part of the consumer goods company's two-year restructuring program to streamline operations. Its shares were down 1.7%.