Consumer stocks declined late Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 1.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.3%.

Redbook US same-store sales rose by 5.7% from a year earlier in the week ended March 8, slower than a 6.6% year-over-year increase in the previous week.

In corporate news, Southwest Airlines (LUV) shares jumped nearly 9%. The company lowered its Q1 outlook for a key revenue metric and announced a policy change to begin charging some customers for checked bags.

Verizon's (VZ) subscriber growth is expected to be "probably soft" in Q1, Chief Revenue Officer Frank Boulben said Tuesday at an investor conference. Verizon shares fell 6%.

Kohl's (KSS) became the latest retailer to offer a downbeat outlook for 2025 as growing uncertainty weighs on consumers in the world's biggest economy. The department store chain's earnings for the ongoing year are projected between $0.10 and $0.60 a share, below the $1.09 EPS projected by three analysts in a FactSet poll. Kohl's shares dropped 24%.

Delta Airlines (DAL) shares fell 7%. The company cut its Q1 earnings-per-share guidance on Monday to a range of $0.30 to $0.50 from $0.70 to $1.00 as well as its revenue growth outlook to 3% to 4% from 7% to 9%.