Consumer stocks rose late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.

In economic news, the European Commission plans to suspend 93 billion euros ($109 billion) of counter tariffs on US goods for another six months after President Donald Trump walked back his threat to impose levies on EU nations that opposed his plan to annex Greenland, news outlets reported Friday.

The University of Michigan consumer sentiment index was revised up Friday to 56.4 for January from 54.0 in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Spotify (SPOT) shares rose 2.5% after Goldman Sachs upgraded the stock to buy from neutral and adjusted its price target to $700 from $735.

Delta Air Lines (DAL) shares fell 1.6% after it said Friday that it has extended travel waivers through Monday due to expected flight cancellations in affected areas amid winter storm Fern.

Netflix (NFLX) Co-Chief Executive Greg Peters said the streaming company is on track to win the backing of Warner Bros. Discovery (WBD) shareholders for its $82.7 billion offer for the film and television studios of the company, the Financial Times reported, citing an interview with the executive. Peters said a "very small" number of Warner Bros. shares had been tendered in support of Paramount Skydance's (PSKY) hostile $108 billion offer for a deal that also includes the company's cable news channel properties, according to the report. Netflix shares gained 2.9%, Warner rose 0.7%, and Paramount was down 0.4%.

Philip Morris International (PM) shares rose 1.7% after it said Friday that it has presented data supporting a Modified Risk Tobacco Product designation for its Zyn nicotine pouch products to the US Food and Drug Administration's Tobacco Products Scientific Advisory Committee.