Consumer stocks were retreating Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.3%.
In corporate news, Duckhorn Portfolio (NAPA) shares surged 103% after it agreed to be acquired by funds managed by private equity firm Butterfly Equity in a deal that values the wine company at about $1.95 billion.
The US Supreme Court rejected a petition by Living Essentials to review a ruling by the US Court of Appeals for the Ninth Circuit that revived antitrust claims against the drink maker for favoring Costco (COST) on wholesale pricing, Bloomberg reported. Costco shares were shedding 0.8%.
Unilever (UL) is spending over 150 million euros ($165 million) to overhaul the supply chain for its European homecare business, Reuters reported. Unilever shares were down 0.7%.
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