03:39 PM EDT, 10/14/2024 (MT Newswires) -- Consumer stocks were rising late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.4%.

In corporate news, Vicinity Motor ( VEV ) shares plunged past 36% after it said that if its creditors proceed with receivership enforcement, it will be forced to lay off its remaining staff and cease operations.

Albertsons ( ACI ) is expected to report higher fiscal Q2 identical sales growth than previously estimated and beat Wall Street estimates for the metric, RBC Capital Markets said in a Monday note. Albertsons ( ACI ) shares were shedding 0.5%.

Southwest Airlines ( LUV ) shareholder Elliott Investment Management said Monday it has requested a special meeting of shareholders to allow them to elect a new slate of director nominees. Southwest ( LUV ) shares fell 0.9%.

Starbucks ( SBUX ) is scaling back its discounts and promotions under the leadership of its new Chief Executive Brian Niccol, who took charge in August, The Wall Street Journal reported. Starbucks ( SBUX ) shares were down 0.8%.