Consumer stocks advanced late Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) gaining 1.5%.

In corporate news, Target (TGT) shares rose 5.5% after the company was reinstated among the top picks of Oppenheimer, which said in a note Monday that it sees a "very compelling risk/reward scenario" developing for the retailer following recent challenges. Oppenheimer has an outperform rating on Target's stock with a $165 price target.

Tesla's (TSLA) electric vehicles would be excluded from a plan to offer state incentives to EV buyers if President-elect Donald Trump repeals a federal subsidy once he takes office, Bloomberg reported, citing a statement from California Governor Gavin Newsom's office. Tesla shares were falling 1.7%.

Macy's (M) reported preliminary fiscal Q3 sales that beat estimates while announcing a delay in its full earnings release due to an accounting issue that prompted an independent investigation. Shares dropped 2.9%.

Bath & Body Works (BBWI) shares surged past 17% as the company lifted its full-year earnings outlook after reporting better-than-expected fiscal Q3 results.