03:57 PM EDT, 05/16/2025 (MT Newswires) -- Consumer stocks rose late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.8%.

In sector news, President Donald Trump said that he plans to set tariff rates for US trading partners in the "next two or three weeks," media outlets reported. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be sending out letters to tell other nations what "they'll be paying to do business" in the US, Trump said in a meeting with business executives in the UAE, according to the reports.

In corporate news, Carnival (CCL) shares rose 1.8% after HSBC upgraded the stock to hold from reduce and raised its price target to $24 from $14.

Charter Communications ( CHTR ) and Cox Communications agreed to combine in a $34.5 billion deal that better positions the combined entity to compete with broadband and streaming companies. Charter shares gained 1.8%.

Verizon Communications ( VZ ) shares rose 1% in recent Friday trading after the Federal Communications Commission's Wireline Competition Bureau approved its $20 billion acquisition of Frontier Communications (FYBR). Frontier shares were slightly higher.

BRF (BRFS) has agreed to be fully acquired by Marfrig, the two Brazilian meat and poultry companies said. BRF shares added 1.4%.