01:51 PM EDT, 06/26/2024 (MT Newswires) -- Consumer stocks were mixed Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.3%.

In corporate news, FedEx ( FDX ) provided upbeat earnings guidance for fiscal 2025 as ongoing cost reduction efforts helped it top market expectations in Q4. Its shares surged nearly 15%.

Rivian's (RIVN) announcement late Tuesday that it will get an investment from Volkswagen is "meaningfully positive" and will help it to achieve the scale necessary to get to positive free cash flow, BofA said in a Wednesday note, reiterating its buy rating on the stock. Rivian shares soared past 21%.

Germany's Robert Bosch is weighing an acquisition of Whirlpool (WHR), Reuters reported Wednesday. Whirlpool shares jumped nearly 15%.