01:52 PM EDT, 06/13/2024 (MT Newswires) -- Consumer stocks edged higher Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) both up 0.1%.

In corporate news, Liberty Global ( LBTYA ) plans to buy Warner Bros. Discovery's (WBD) equity stake in the Formula E electric car racing series, increasing the telecom company's ownership stake to 65%. Liberty shares fell 1.7%, and Warner Bros. tumbled 5.9%.

Tesla (TSLA) Chief Executive Officer Elon Musk said proposals to approve his $56 billion pay package and move the company to Texas appear to be passing with overwhelming shareholder support. Tesla shares gained 4%.

The US Supreme Court sided with Starbucks ( SBUX ) over the National Labor Relations Board in a case involving the termination of a group of pro-union employees. Starbucks ( SBUX ) added 1.4%.