Consumer stocks were lower Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.1%.

In corporate news, Spectrum Brands' (SPB) fiscal Q4 earnings declined more than expected, while sales beat analysts' estimates amid volume gains in home and garden, as well as global pet care. Its shares fell 5.6%.

McDonald's (MCD) earmarked $35 million for marketing to help its US business recover from the impact of last month's E. coli outbreak, which was tied to the company's Quarter Pounders, The Wall Street Journal reported Friday, citing an internal message. McDonald's shares were falling 2.5%.

General Motors (GM) is planning to cut around 1,000 salaried positions globally in an attempt to streamline its operations, Bloomberg reported. A General Motors spokesperson told MT Newswires that to win in the competitive market, the company needs to optimize for speed and excellence by operating with efficiency, having the right team structure, and focusing on top priorities. General Motors shares shed 0.5%.