Consumer stocks were rising premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 1.3% higher.

Miniso (MNSO) stock was up more than 8% after the company reported higher Q4 adjusted earnings and revenue.

McCormick (MKC) has entered into an agreement to combine with Unilever's (UL) Foods business in a deal valuing the Foods business at roughly $44.8 billion and McCormick at about $21.0 billion, the companies said. McCormick shares were down more than 6% premarket.

Yum! Brands (YUM) and Restaurant Brands Australia will take over 20 of Collins Foods' Taco Bell restaurants in Australia and will operate them under a new partnership arrangement, Collins said in a regulatory filing. Shares of Yum! Brands were up more than 1% pre-bell.