03:52 PM EDT, 09/04/2024 (MT Newswires) -- Consumer stocks were higher late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) gaining 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.2%.

Redbook US same-store sales rose by 6.3% from a year earlier in the week ended Aug. 31 after a 5% year-over-year increase in the previous week.

In corporate news, Mondelez International ( MDLZ ) shares spiked over 4% after the company's finance chief, speaking at a conference, hinted at upbeat Q3 results.

Verizon Communications ( VZ ) is nearing a deal to buy Frontier (FYBR), The Wall Street Journal reported Wednesday. Frontier shares surged past 37% and Verizon was shedding 3.6%.

Dollar Tree ( DLTR ) shares plunged nearly 24% after its fiscal Q2 adjusted earnings unexpectedly slid year over year while sales missed estimates amid macro pressures on consumers.

Hormel Foods ( HRL ) narrowed its earnings outlook and lowered its sales guidance for fiscal 2024 as its Q3 results declined year over year. Its shares tumbled almost 7%.