04:00 PM EDT, 08/07/2024 (MT Newswires) -- Consumer stocks were mixed late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.6%.

In corporate news, Shopify's ( SHOP ) Q2 results increased more than Wall Street's expectations amid double-digit gross merchandise volume gains. Its shares jumped 19%.

Lyft ( LYFT ) shares tumbled 17%. The company unexpectedly swung to a profit in Q2 year over year amid strong demand for its ride-hailing services while its core profitability guidance for the the ongoing three-month period indicated a sequential decline.

Walt Disney ( DIS ) raised its full-year earnings growth outlook following a better-than-expected fiscal Q3, while the firm said its combined streaming businesses achieved profitability earlier than expected. Separately, Disney ( DIS ) said it may have to pay up to an additional $5 billion to Comcast's (CMCSA) NBC Universal unit for its 33% stake in Hulu. Disney ( DIS ) shares were falling 4.5%.

Airbnb ( ABNB ) shares dropped 14%. The company's Q2 earnings late Tuesday declined more than expected as its cost base ballooned.