01:58 PM EDT, 05/01/2025 (MT Newswires) -- Consumer stocks were mixed Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 0.8%.

In sector news, the state-run China Central Television said the US has been proactively reaching out to China through various channels in a bid to negotiate tariff issues, according to media reports.

In corporate news, General Motors ( GM ) on Thursday lowered its full-year earnings outlook to reflect a $4 billion to $5 billion hit from tariffs, though the Detroit automaker said it will be able to offset at least 30% of this exposure. GM shares were down 0.1%.

McDonald's (MCD) Q1 revenue fell short of market estimates while same-store sales unexpectedly declined, as macroeconomic uncertainties and geopolitical tensions dampened consumer sentiment. Its shares fell 1.2%.

Kohl's (KSS) said Thursday that it named Chair Michael Bender as interim chief executive after the department-store chain's board removed Ashley Buchanan due to violations of the conflict of interest policy. Kohl's shares jumped past 8%.

Tesla (TSLA) denied a The Wall Street Journal report saying that its board is looking for a new chief executive to replace Elon Musk. Tesla shares rose 0.2%.