01:52 PM EDT, 08/21/2024 (MT Newswires) -- Consumer stocks rose Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.2%.

In corporate news, Target ( TGT ) shares jumped past 12%. The company raised its full-year earnings outlook amid improving trends across discretionary categories, while fiscal Q2 results exceeded market estimates.

TJX Companies ( TJX ) reported stronger-than-expected fiscal Q2 results on Wednesday while it raised the full-year guidance for earnings amid consumer demand. Its shares jumped 6%.

Ford (F) announced plans to reduce spending on pure electric vehicles on Wednesday in a move that could cost the car maker up to $1.9 billion as it says it adapts to shifting market dynamics and increasing demand for hybrids. Ford shares were rising 1.3%.