03:42 PM EDT, 10/23/2024 (MT Newswires) -- Consumer stocks were declining late Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 3.2%.

In corporate news, UniFirst ( UNF ) shares dropped 3% after the company guided for a year-over-year deceleration in fiscal 2025 earnings amid a challenging pricing environment that is weighing on retention rates.

Frontier (ULCC) is exploring reviving its bid for Spirit Airlines ( SAVE ) and the companies have held early-stage talks for a possible merger, the Wall Street Journal reported. Frontier shares popped 3.1%, and Spirit surged 46%.

McDonald's (MCD) shares slumped 5.2%, a day after the US Centers for Disease Control and Prevention said an E. coli outbreak in 10 states was linked to the fast-food giant's Quarter Pounder burgers.

Coca-Cola (KO) reported better-than-expected Q3 results as pricing gains more than offset volume declines. The shares fell 2%.