Consumer stocks rose Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.9% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.5%.

In corporate news, Gap (GAP) is likely on course for a boost to its earnings estimates after the apparel company's fiscal Q3 benefited from a number of positive surprises, Morgan Stanley said. Gap shares jumped 10%.

Ross Stores (ROST) shares rose 2.3% as the discount retailer lifted its full-year earnings outlook despite lower-than-expected fiscal Q3 sales amid softening consumer discretionary spending.

Lifeway Foods (LWAY) founding shareholders Edward and Ludmila Smolyansky, who own a combined stake of 29.7%, urged the company's board to create a special committee that will evaluate and negotiate a transaction with Danone or other potential buyers. Lifeway shares rose 0.8%.