01:45 PM EST, 12/18/2024 (MT Newswires) -- Consumer stocks were declining Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each shedding 0.4%.

In corporate news, General Mills ( GIS ) lowered its full-year earnings outlook as it increases investments to improve volume and market share trends, even though the packaged foods maker recorded better-than-expected fiscal Q2 results. Its shares were falling 3.5%.

Toro (TTC) on Wednesday laid out a fiscal 2025 bottom-line outlook that fell short of analysts' estimates as the company's Q4 sales came in lower than expected while earnings met market projections. Its shares dropped 3.7%.

A potential merger between Honda Motor ( HMC ) and Nissan Motor would be a welcomed idea by Renault, Nissan's top shareholder, Bloomberg reported. Honda ( HMC ) shares were shedding 2.7%.