01:53 PM EDT, 08/01/2024 (MT Newswires) -- Consumer stocks were mixed Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 2.7%.

In corporate news, Wayfair's ( W ) shares tumbled 9%. The company's revenue unexpectedly fell in Q2 as the broader home goods category experienced a correction mirroring the 2008 recession, driving an "unprecedented" pullback in consumer spending, Chief Executive Niraj Shah said Thursday.

Hershey's (HSY) Q2 results fell more than Wall Street's expectations as consumers pulled back on discretionary spending, prompting the company to cut its full-year outlook. Its shares shed 0.5%.

Starbucks ( SBUX ) has received a settlement offer from activist investor Elliott Management that would allow Chief Executive Laxman Narasimhan to keep his job, CNBC reported Thursday. Starbucks ( SBUX ) shares were falling 5.1%.