03:45 PM EDT, 10/02/2024 (MT Newswires) -- Consumer stocks declined late Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) falling 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.8%.

In corporate news, Formula One (FWONK) shares rose 1.1% after the company announced a 10-year sponsorship deal with luxury giant LVMH.

Harley-Davidson ( HOG ) shares dropped 4% as Baird downgraded the stock to neutral from outperform and cut its price target to $40 from $44.

Nike ( NKE ) shares tumbled 6.4% as the company withdrew full-year guidance and postponed its investor day following the appointment of a new chief executive officer last month, while fiscal Q1 results fell from a year earlier.

Tesla (TSLA) posted sequential and annual gains in Q3 deliveries, which still trailed Wall Street's whisper number. The shares fell 3.4%.