Consumer stocks were advancing premarket Tuesday as the Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) recently rose by 0.4%.

Boston Beer (SAM) shares were up nearly 2% after the company said in a regulatory filing that its board increased the expenditure limit for the company's stock repurchase program to $1.6 billion from $1.2 billion.

Cracker Barrel Old Country Store's (CBRL) board of directors needs to be replaced, due to an ongoing decline in the stock's value, according to a letter to shareholders from Biglari Capital, which said it owns 9.3% of the restaurant operator's stock. Cracker Barrel Old Country Store shares were up more than 2% premarket.

PepsiCo (PEP) shares were 0.4% lower after it reported a fiscal Q3 net revenue of $23.32 billion, down from $23.45 billion a year earlier. Analysts surveyed by Capital IQ expected $23.78 billion.