01:50 PM EDT, 07/10/2024 (MT Newswires) -- Consumer stocks were advancing Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.7%.

In corporate news, Warner Bros. Discovery's ( WBD ) CNN unit will cut about 100 jobs as part of a plan to consolidate its news operations and boost its digital business, Reuters reported Wednesday. Warner shares were falling 0.9%.

Paramount (PARA) may still get an offer from Barry Diller even as the company entered an agreement to merge with Skydance Media, Bloomberg reported Wednesday. Paramount shares gained 1.5%.

American Rebel ( AREB ) shares jumped 12% after it said Wednesday that its American Rebel ( AREB ) light beer is now available at 104 locations in Kansas.