01:54 PM EDT, 04/29/2024 (MT Newswires) -- Consumer stocks were advancing Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) fractionally higher and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 2.4%.

In corporate news, Tesla (TSLA) Chief Executive Elon Musk's latest visit to China and getting approval for its automated driving system is set to be a "watershed moment" for its long-term growth, Wedbush said in a note. Tesla shares jumped almost 16%.

Paramount (PARA) shares spiked 3.5% after Skydance Media raised its buyout offer by $3 billion in cash for Paramount to pay down debt, buy back stock and fund other activities, according to multiple media reports.

Domino's Pizza (DPZ) shares popped 5% after it reported better-than-expected fiscal Q1 earnings.