03:56 PM EDT, 08/19/2024 (MT Newswires) -- Consumer stocks rose late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1.1%.

In corporate news, Paramount Global ( PARAA ) , which has agreed to merge with Skydance Media, is expected to extend a deadline for other takeover bids if Edgar Bronfman Jr. makes an offer for the company before Wednesday night, Bloomberg reported Monday. Paramount shares rose 0.8%.

Estee Lauder ( EL ) issued a downbeat earnings outlook for fiscal 2025 amid continued softening demand in China, while the company said Chief Executive Officer Fabrizio Freda plans to retire next year. Its shares fell 1.8%.

General Motors ( GM ) is laying off more than 1,000 salaried employees globally in its software and services division, CNBC reported. GM shares rose 1%.

FuboTV ( FUBO ) shares jumped past 18% following a court ruling Friday temporarily blocking the launch of a rival sports streaming service backed by Walt Disney ( DIS ) , Fox (FOXA, FOX) and Warner Bros. Discovery ( WBD ) .