Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.5%.

In sector news, the US Federal Communications Commission said Thursday it has voted to repeal the 39% national television multiple ownership rule and replace it with a case-by-case review. Under the case-by-case approach, the commission can analyze factors related to localism, viewpoint diversity, and competition and apply them in the context of a specific transaction, the FCC said.

In corporate news, Papa John's International (PZZA) shares fell past 17% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.

Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.

Fox's (FOX, FOXA) fiscal Q4 results topped Wall Street's estimates as broad advertising strength from the FIFA Men's World Cup, along with growing streaming momentum at Tubi and Fox One drove top-line growth. The company's Class A and Class B shares climbed past 5%.

Warner Bros. Discovery (WBD) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 2%.