Consumer stocks were lower late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) falling 1.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 2.0%.

In corporate news, Lowe's (LOW) kept its full-year outlook as its Q1 earnings and comparable sales declined less than market estimates amid housing market headwinds. Shares were down 1.9%.

Amazon.com (AMZN) Chief Executive Andy Jassy said the company has not seen a meaningful drop in consumer spending or an increase in prices as a result of tariffs imposed by US President Donald Trump, Bloomberg reported, citing comments Jassy made at Amazon's annual shareholder meeting. Amazon shares were shedding 1.4%.

Target's (TGT) fiscal Q1 results fell more than Wall Street estimates, while the retailer slashed its full-year outlook, citing the impact of tariffs and uncertain consumer spending. Its shares dropped 4.8%.

VF (VFC) shares fell past 15% after the apparel and footwear company reported weaker-than-expected fiscal Q4 revenue, weighed down mainly by its Vans brand.

TJX (TJX) affirmed its full-year outlook following better-than-expected Q1 revenue, as the discount retailer said it will be able to mitigate the impact of tariffs. The shares were down 3.1%.