01:49 PM EDT, 08/19/2024 (MT Newswires) -- Consumer stocks rose Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1%.

In corporate news, Estee Lauder ( EL ) issued a downbeat earnings outlook for fiscal 2025 amid continued softening demand in China, while the company said Chief Executive Officer Fabrizio Freda plans to retire next year. The shares were little changed.

General Motors ( GM ) is laying off more than 1,000 salaried employees globally in its software and services division, CNBC reported. GM shares rose 0.9%.

FuboTV ( FUBO ) shares surged 16% following a court ruling Friday to block temporarily the launch of a rival sports streaming service backed by Walt Disney ( DIS ) , Fox (FOXA, FOX) and Warner Bros. Discovery ( WBD ) .