Sector Update: Consumer Stocks Higher in Afternoon Trading

Consumer stocks were higher Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.9%.

In corporate news, Warner Bros. Discovery (WBD) and Charter Communications (CHTR) said they have signed a multi-year distribution deal integrating linear video and streaming services. Warner Bros. shares jumped 8.1% and Charter was up 3%.

Signet Jewelers (SIG) shares jumped past 13%. The firm reported lower fiscal Q2 results, but earnings topped market expectations, while it kept its full-year outlook and said there's a chance for growth in same-store sales in the current period.

General Motors (GM) shares popped 4.1%. The company and Hyundai Motor said they have signed a memorandum of understanding to explore collaboration on vehicles, supply chain and clean-energy technologies.