01:44 PM EDT, 04/10/2024 (MT Newswires) -- Consumer stocks were falling Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 1.8%.

In corporate news, Delta Air Lines ( DAL ) reported Q1 results above market estimates, buoyed by robust travel demand, which the carrier continues to see in the ongoing three-month period. Its shares were 1.4% lower.

Three Paramount (PARA) directors are expected to leave the board soon as the company continues to discuss a potential merger with Skydance Media, The Wall Street Journal reported Wednesday. Paramount shares tumbled 6.5%.

Tesla (TSLA) is in preliminary talks with Reliance Industries to form a joint venture to build an electric vehicle manufacturing facility in India, Hindu BusinessLine reported Wednesday. Tesla shares fell 3.3%.