Sector Update: Consumer
Consumer stocks were mixed late Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.2%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 1%.
Redbook US same-store sales increased by 6.5% from a year earlier in the week ended Sept. 7 after a 6.3% year-over-year increase in the previous week. Redbook reported higher sales due to Labor Day promotions, especially on Sunday and Monday, as the back-to-school season peaked.
In corporate news, Nike (NKE) shareholders on Tuesday voted against proposals requiring the company to reassess working conditions at sourcing locations and its supply chain, according to media reports. Nike shares were falling 1.7%.
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