Consumer stocks edged up Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) both gaining 0.3%.

Redbook US same-store sales last week rose 4.9% from a year earlier, slower than a 5.1% increase in the previous week.

In corporate news, Kohl's (KSS) shares slumped 16%. The company reported a bigger-than-expected decline in fiscal Q3 revenue and lowered its full-year financial outlook, a day after announcing a transition plan for chief executive officer.

Best Buy (BBY) cut the top end of its full-year earnings outlook and lowered its sales guidance as the electronics retailer's fiscal Q3 results trailed market expectations amid softening consumer demand. The shares tumbled 6.1%.

J.M. Smucker (SJM) shares jumped 5.2%. The company reported stronger-than-expected fiscal Q2 results while raising its full-year earnings outlook.