01:36 PM EDT, 07/02/2025 (MT Newswires) -- Consumer stocks were advancing Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) fractionally higher and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.7%.

In corporate news, Tesla's (TSLA) Q2 deliveries fell year-over-year amid rising competition in the electric vehicle space, but the tally rose sequentially. Tesla shares were rising 4.8%.

Paramount (PARA) has agreed to pay $16 million to settle a lawsuit filed by President Donald Trump against Paramount unit CBS, alleging the network edited a "60 Minutes" interview with then-Vice President Kamala Harris to enhance her image, news outlets reported Wednesday. Paramount shares were falling 1.8%.

Netflix ( NFLX ) and Spotify ( SPOT ) have held talks about collaborating on a number of projects, including a music awards show and a live concert series, The Wall Street Journal reported Wednesday. Netflix ( NFLX ) shares were down 1.3% and Spotify ( SPOT ) was easing 0.6%.

UniFirst ( UNF ) raised its full-year earnings outlook on Wednesday, while sticking with its revenue guidance as the uniform rental company's Q3 results rose year-over-year. Its shares were down 6.4%.