Consumer stocks were decreasing Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) easing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.6%.
Redbook US same-store sales rose 6.8% from a year earlier in the week ended Jan. 4 after a 7.1% year-over-year increase in the previous week.
In sector news, online shopping climbed to a record in the 2024 holiday season, with the majority of US e-commerce transactions taking place on mobile devices and AI powering click throughs to retail websites, Adobe (ADBE) Analytics' data showed Tuesday.
In corporate news, Cintas (CTAS) said it offered to acquire UniFirst (UNF) for $275 per share in cash, implying a total value of about $5.3 billion for the target. UniFirst said its board rejected the unsolicited and "highly conditional" offer. Cintas shares rose 2.6%, and UniFirst jumped nearly 22%.
Getty Images (GETY) and Shutterstock (SSTK) said Tuesday they agreed to combine in a merger of equals to create a visual content company with an enterprise value of about $3.7 billion. Getty shares surged 24% and Shutterstock jumped 19%.
Tesla (TSLA) faces an investigation involving about 2.59 million vehicles with "Actually Smart Summon" autonomous driving feature following crash reports, the US National Highway Traffic Safety Administration said. Separately, Tesla supplier Contemporary Amperex Technology, or CATL, was added to the US Department of Defense's list of Chinese military companies, according to a Tuesday update to the list. Tesla shares were down 3.9%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.