Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.

In corporate news, GEN Restaurant (GENK) shares surged 17% after signing a binding letter of intent with Chubby Group to sell operations at 47 US restaurants, while retaining the GEN brand and the GEN CPG business for $100 million.