01:54 PM EDT, 03/24/2025 (MT Newswires) -- Consumer stocks rose Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 3.2%.

In sector news, President Donald Trump said during a cabinet meeting he will announce tariffs on automobiles "very shortly" and on pharmaceuticals "at some point in the not-too-distant future," Bloomberg reported.

In corporate news, James Hardie Industries ( JHX ) agreed to buy outdoor home products firm Azek ( AZEK ) for $8.75 billion in a cash and stock deal. Azek ( AZEK ) shares jumped 14%, and James Hardie fell 18%.

Kenvue ( KVUE ) is being urged by investor TOMS Capital Investment Management to consider selling the company or spinning off some of its assets, Bloomberg reported. Kenvue ( KVUE ) shares added 0.4%.

American Rebel ( AREB ) shares fell past 15% after the firm said Monday it will launch a reverse stock split of its shares at a ratio of 1-for-25.