01:41 PM EDT, 05/10/2024 (MT Newswires) -- Consumer stocks were mixed Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.6%.

In corporate news, FAT Brands ( FAT ) shares plunged almost 23% after lawyers representing the company said the restaurant operator was indicted on two violations of the Sarbanes-Oxley Act for arranging about $2.7 million in loans to former Chief Executive Andrew Wiederhorn.

McDonald's (MCD) plans to launch a $5 meal deal in the US to attract budget-conscious customers, Bloomberg reported Friday. The fast food giant's shares added 2%.

Savers Value Village ( SVV ) plunged past 18% in recent trading, a day after it posted lower-than-expected Q1 adjusted net income and net sales.