01:52 PM EDT, 10/23/2024 (MT Newswires) -- Consumer stocks dropped Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.8%.

In corporate news, McDonald's (MCD) shares slumped 5.1%, a day after the US Centers for Disease Control and Prevention said an E. coli outbreak in 10 states was linked to the fast-food giant's Quarter Pounder burgers.

Coca-Cola (KO) reported better-than-expected Q3 results as pricing gains more than offset volume declines. The shares fell 1.2%.

AT&T ( T ) reported an unexpected decline in Q3 revenue amid challenges in business wireline that led to a multibillion-dollar write-down, though the company remains on track to meet full-year targets. The shares rose 3.9%.