01:51 PM EDT, 07/24/2024 (MT Newswires) -- Consumer stocks were lower Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) decreasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 3.1%.

In corporate news, Tesla (TSLA) shares tumbled past 10% after its Q2 earnings fell short of market expectations, hit by lower vehicle prices and restructuring charges.

Lamb Weston ( LW ) shares tumbled 28%. The company guided for an annual decline in fiscal 2025 earnings on Wednesday after posting an unexpected decrease in revenue and below-forecast earnings for the fiscal Q4 amid challenging market dynamics.

AT&T's ( T ) Q2 earnings fell year over year while the company added more postpaid phone subscribers than expected and maintained its full-year earnings outlook. Its shares popped nearly 5%.