01:51 PM EDT, 06/12/2024 (MT Newswires) -- Consumer stocks were mixed Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.2%.

In corporate news, FedEx ( FDX ) shares fell 1.3% as the company plans to cut 1,700 to 2,000 European back-office and commercial jobs to reduce costs.

Casey's General Stores (CASY) shares surged 16%, a day after the company reported stronger-than-expected increases in fiscal Q4 earnings and sales.

Southwest Airlines ( LUV ) Chief Executive Officer Bob Jordan said he has "no plans to resign" despite pressure from activist investor Elliott Investment Management, media outlets reported Wednesday. On Monday, Elliott disclosed a $1.9 billion stake in Southwest ( LUV ) and called for new leadership at the airline. Southwest ( LUV ) shares rose 0.9%.