03:49 PM EDT, 08/13/2024 (MT Newswires) -- Consumer stocks were higher late Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 2.3%.

Redbook US same-store sales increased 4.7% from a year earlier in the week ended Aug. 10 after a 5.1% year-over-year increase in the previous week.

In corporate news, Tilray Brands ( TLRY ) shares popped nearly 4% after saying Tuesday it signed a definitive agreement to buy four craft beer breweries from Molson Coors Beverage ( TAP/A ) . Molson shares added 2.3%.

Paramount Global ( PARAA ) started laying off staff on Tuesday following its announcement last week that it intends to cut 15% of its US-based workforce, Bloomberg reported. Paramount shares shed 0.6%.

Starbucks ( SBUX ) has poached Chipotle Mexican Grill ( CMG ) Chief Executive Brian Niccol, who will assume the top role at the coffee giant next month. Starbucks ( SBUX ) shares surged 24% while Chipotle tumbled 7.6%.

Home Depot ( HD ) slashed its full-year earnings and comparable sales outlooks on Tuesday as macroeconomic headwinds weigh on consumer demand, even though the company logged better-than-expected top and bottom line results in its fiscal Q2. The retailer's shares were rising 1.3%.