Consumer stocks rose late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 1.9%.

In corporate news, Sleep Number (SNBR) shares jumped 19%. The company reached a deal with its largest shareholder, Stadium Capital, over changes to its board.

Ulta Beauty's (ULTA) full-year guidance missed Wall Street's estimates, while the company indicated potential for positive earnings revisions in the coming quarters, UBS Securities said. Ulta shares rose 13%.

PepsiCo (PEP) is nearing a deal to buy soda brand Poppi for more than $1.5 billion, Bloomberg reported. PepsiCo shares added 0.1%.

Danish pension fund AkademikerPension excluded Tesla (TSLA) from its investment portfolio due to the company's stance against labor rights, board independence issues and Chief Executive Officer Elon Musk's forays into geopolitics. Separately, Tesla plans to make a cheaper version of its Model Y in Shanghai, mainly targeting Chinese customers, Reuters reported. Tesla shares gained 3.3%.