03:49 PM EDT, 03/27/2024 (MT Newswires) -- Consumer stocks advanced late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 1%.

In corporate news, ONE Group Hospitality ( STKS ) shares surged nearly 24% after the company said it will buy Safflower in a deal valued at $365 million.

Carnival (CCL) said the collapse of Baltimore's Francis Scott Key Bridge is expected to result in an up to $10 million hit to its full-year profit, while it recorded better-than-expected fiscal Q1 results buoyed by robust demand. Separately, Carnival Chief Financial Officer David Bernstein said the cruise operator is unlikely to sail through the Red Sea for the rest of 2024 and early next year due to attacks by Iranian-backed Houthi militants on vessels, Reuters reported Wednesday. Carnival shares were rising 0.9%.

Cintas ( CTAS ) shares jumped 7.7% after it reported stronger-than-expected top- and bottom-line growth for its fiscal Q3 and boosted its full-year outlook.

UniFirst ( UNF ) gained 2.7% after it reported fiscal Q2 income earlier in the day of $1.09 per diluted share, up from $0.95 a year earlier.