03:53 PM EDT, 05/01/2025 (MT Newswires) -- Consumer stocks were mixed late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.1%.

In sector news, the Trump administration contacted China to begin discussions on tariffs, Bloomberg reported, citing a state-run media outlet. US Treasury Secretary Scott Bessent reportedly said earlier in the week that "it's up to China to de-escalate" trade tensions between the two countries.

In corporate news, Harley-Davidson ( HOG ) shares rose 3.7% after the company reported Q1 earnings that beat analysts' estimates.

Tesla's (TSLA) leadership crisis appears to have passed following Elon Musk's renewed focus on the company, and he is likely to remain CEO for at least another five years, Wedbush Securities said. Tesla shares added 0.3%.

General Motors ( GM ) 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 the exposure. GM shares fell 0.4%.

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 1.6%.

Kohl's (KSS) named Chair Michael Bender as interim chief executive officer after the department-store chain's board removed Ashley Buchanan due to violations of the conflict-of-interest policy. Kohl's shares jumped 6.9%.