01:47 PM EDT, 04/12/2024 (MT Newswires) -- Consumer stocks were in the red Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.7%.

In corporate news, Johnson Controls ( JCI ) shares slumped 0.7% after the company said Friday that its Tyco Fire Products unit has agreed to a $750 million settlement with a nationwide class of public water systems over alleged contamination from PFAS chemicals related to some products made by the company.

Amer Sports ( AS ) shares tumbled 5.3% as the company said that Franco Fogliato, president and chief executive of its Salomon brand, departed the company "for personal reasons," effective immediately.

Starbucks ( SBUX ) could trail consensus estimates with its upcoming fiscal Q2 and 2024 results, Morgan Stanley said Friday in a research note, although the analysts also said they continue to see an "interesting" skew in the balance between risk and reward for the company's shares. The investment firm cut its price target for Starbucks ( SBUX ) shares to $115 from $120, keeping the overweight rating. Starbucks ( SBUX ) shares were down 1.7%.