Consumer stocks declined late Thursday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.1%.

In corporate news, United Airlines (UAL) shares fell 6.4%, a day after the company reported Q3 revenue missed estimates, even as air travel demand improved, while earnings beat expectations.

General Motors (GM) and its joint venture partner, South Korea's Posco Future M, paused the second phase of a cathode plant in Quebec, which led to Vale (VALE) canceling plans for a nickel sulfate facility. GM shares dropped 1%.

Tesla (TSLA) argued for the reinstatement of Chief Executive Officer Elon Musk's $56 billion compensation package during the Delaware Supreme Court's hearing of the company's appeal, news outlets reported Wednesday. Tesla shares fell 1.7%.

Jack in the Box (JACK) shares dropped 9.3% after the company agreed to sell its Del Taco unit to Yadav Enterprises for $115 million.