Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 2.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.5%.

In sector news, US consumer sentiment hit its lowest level in five months in October as inflation expectations hit the highest since May, final results of a University of Michigan survey showed Friday. The main sentiment index fell 0.2% sequentially to 48 this month, but was higher than the preliminary reading of 46.3, according to the survey. The latest print marks the lowest since May.

In corporate news, Deckers Outdoor's (DECK) sales guidance cut amid an increasingly promotional US marketplace has fueled growth durability concerns, though a strong margin outlook shows its commitment to full-priced selling, Truist Securities said in a note. Deckers shares were down 6%.

General Motors (GM) has cancelled its long-term rare-earth magnet supply agreement with e-VAC Magnetics, the US unit of Germany-based Vacuumschmelze, or VAC, prompting an arbitration dispute over the contract, Reuters reported, citing regulatory documents and a person familiar with the matter. Energy Fuels (UUUU), which agreed to acquire VAC for $1.9 billion in June, said in a filing last week that a customer terminated its supply agreement on July 1. GM shares were shedding 1.9%.

Coca-Cola (KO) will retain WPP Open X as its media partner worldwide with the exception of North America, Japan, and South Korea following a global marketing review, the company said Friday. Coca-Cola has selected Omnicom as its North American media partner while Dentsu will continue to handle media in Japan and South Korea, the company said. Coca-Cola shares were down 2.5%.