Consumer stocks were edging higher pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.

PDD (PDD) shares were up more than 3% after the company reported higher Q2 revenue, while non-GAAP earnings topped analysts' expectations.