Consumer stocks rose late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each rising 0.7%.

In corporate news, Warner Bros. Discovery (WBD) and the National Basketball Association said Monday they have resolved all disputes regarding the league's recent media deals and that they agreed to extend their media partnership by another 11 years. Warner shares popped 2.9%.

QXO (QXO) has made an offer to acquire Beacon Roofing Supply (BECN), The Wall Street Journal reported Monday, citing people familiar with the matter. QXO shares fell 0.8% and Beacon jumped nearly 10%.

Nike (NKE) shares fell 2.6% after TD Cowen adjusted its price target on the sportswear giant's stock to $73 from $78 while maintaining its hold rating.

Spirit Airlines (SAVE) filed for Chapter 11 bankruptcy protection with support from a supermajority of its bondholders as the budget airline seeks to reduce debt, attain increased financial flexibility and invest in passenger services. The shares plunged 18%.