Consumer stocks were declining pre-bell Monday, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.4% lower.

Keurig Dr Pepper (KDP) has agreed to acquire coffee company JDE Peet's for 15.7 billion euros ($18.37 billion) in cash, the companies said. Keurig Dr Pepper shares were down more than 7% premarket.

PDD Holdings (PDD) shares were down more than 2% after the company reported a decline in Q2 non-GAAP earnings.

Coca-Cola (KO) is reviewing strategic options for British coffee chain Costa Coffee, including a possible sale, news outlets reported, citing people familiar with the matter. Coca-Cola shares were 0.2% lower pre-bell.