03:56 PM EDT, 08/21/2024 (MT Newswires) -- Consumer stocks rose late Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.3%.

In corporate news, Macy's (M) shares tumbled 12%. The company trimmed its fiscal full-year sales outlook amid an uncertain discretionary consumer market, while Q2 revenue fell.

McDonald's (MCD) plans to open 200 restaurants in the UK and Ireland over the next four years in a 1 billion British pound ($1.31 billion) expansion. McDonald's shares rose 1.4%.

Target ( TGT ) shares jumped 11%. The company raised its full-year earnings outlook amid improving trends across discretionary categories, while fiscal Q2 results exceeded market estimates.

TJX (TJX) reported stronger-than-expected fiscal Q2 results and raised its full-year guidance for earnings. The shares gained 5.7%.