Consumer stocks advanced premarket Tuesday as the Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) was 0.7% higher recently.

Signet Jewelers (SIG) shares declined by over 17% after the company lowered its fiscal Q4 sales outlook to a range of $2.32 billion to $2.34 billion, from the previous guidance of $2.38 billion to $2.46 billion.

Nomad Foods (NOMD) shares were over 3% higher after the company said it now expects 2025 adjusted earnings of 1.81 euros ($1.86) per share to 1.85 euros per share.

Hormel Foods (HRL) said its chief executive officer, James Snee, will retire at the end of fiscal 2025. Hormel Foods shares were down 0.5% premarket.