Consumer stocks were rising late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.7%.

In corporate news, Stellantis (STLA) Chief Executive Carlos Tavares is planning a major reshuffle of the company's management team, Bloomberg reported Wednesday. Stellantis shares were rising 1.6%.

Marriott International (MAR) said Wednesday it agreed to a resolution with the Federal Trade Commission and a $52 million settlement with 49 US state attorney generals and the District of Columbia over an alleged data breach incident. Marriott shares added 2%.

Helen of Troy (HELE) reiterated its full-year outlook on Wednesday as the consumer products company's fiscal Q2 results came in ahead of Wall Street estimates. Its shares surged nearly 17%.

Norwegian Cruise Line (NCLH) shares jumped past 10% after Citigroup upgraded the company to buy from neutral while raising its price target to $30 from $20. Citigroup also increased Carnival's (CCL) price target to $28 from $25. Carnival shares popped 7%.