Consumer stocks were edging lower Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each easing 0.1%.
In corporate news, Nike (NKE) shares fell 5.7% as the sportswear giant flagged revenue and gross margin declines in fiscal Q4 amid tariff impacts and company transformation efforts, while reporting better-than-expected results in Q3.
FedEx (FDX) shares dropped 7.2%, a day after the company lowered its fiscal 2025 outlook for adjusted earnings and softened its revenue forecast. Loop downgraded the stock to sell from hold and lowered its price target to $221 from $283.
Carnival (CCL) boosted full-year earnings guidance as robust demand for ticket prices and onboard spending helped the cruise operator deliver better-than-expected fiscal Q1 results. The shares were little changed.
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