Consumer stocks were edging higher premarket Tuesday, with The Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and The Consumer Discretionary Select Sector SPDR Fund (XLY) 0.3% higher.

EBay (EBAY) shares were up over 2% after the company said its board approved a $3 billion incremental stock repurchase program.

McCormick (MKC) is in discussions to acquire Sauer Brands, the owner of Duke's mayonnaise, from Falfurrias Capital Partners, Bloomberg reported, citing people with knowledge of the matter. The potential deal could value Sauer Brands at over $1 billion, one of the sources reportedly said. McCormick shares were down 0.2% premarket.

Alibaba Group (BABA) said it has agreed to sell 100% of the equity interest in Chinese department store operator Intime, and expects to record a loss of about 9.30 billion renminbi ($1.30 billion) due to the sale. Alibaba Group shares were up 0.1% pre-bell.