03:55 PM EDT, 09/25/2024 (MT Newswires) -- Consumer stocks were softer late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.4%.

In corporate news, Morgan Stanley downgraded General Motors ( GM ) , Ford (F), Rivian (RIVN), Magna (MGA) and Phinia ( PHIN ) , citing "a combination of international, domestic and strategic factors that we believe may not be fully appreciated by investors." GM shares dropped 4.8%, Ford declined 4.4%, Rivian tumbled 6.1%, Magna lost 5.6% and Phinia ( PHIN ) slumped 6.5%.

Lottery.com ( LTRY ) shares dropped 3.5% after the firm said it has signed a Memorandum of Understanding to acquire CMF Media, a sports content production house, for $1 million, which will be paid in Lottery.com ( LTRY ) shares to be issued at $3.00 per share.

KB Home ( KBH ) shares tumbled 5% after the homebuilder's fiscal Q3 earnings fell short of consensus estimates while net orders remained flat year over year.

Cintas ( CTAS ) raised its full-year guidance as the uniform supplier reported stronger-than-expected fiscal Q1 results. Its shares rose 1.2%.