Consumer stocks were mixed in late Wednesday afternoon trading with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1.6%.

In corporate news, Figs (FIGS) shares surged 22%. The company received a takeover offer from private equity firm Story3 Capital Partners valuing it at over $1 billion, The Wall Street Journal reported Tuesday.

Vera Bradley (VRA) shares tumbled 13% after the company reported it swung to a fiscal Q3 non-GAAP loss on lower revenue and cut its fiscal year 2025 outlook.

Macy's (M) lowered its full-year earnings outlook on Wednesday as the department store operator completed its investigation into an accounting issue that delayed the release of its complete fiscal Q3 results. Its shares fell 1.7%.

Albertsons (ACI) terminated its merger agreement with Kroger (KR) after two courts ruled to block the deal, while the grocery chain sued Kroger for allegedly failing in an effort to secure regulatory approval. Albertsons shares shed 1.1% and Kroger rose 0.6%.