Consumer stocks were mixed Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 1.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 0.1%.
In corporate news, Dick's Sporting Goods (DKS) agreed to buy Foot Locker (FL) for an equity value of $2.4 billion. Foot Locker shares surged 84%, while Dick's Sporting Goods tumbled past 14%.
Walmart (WMT) recorded an annual increase in fiscal Q1 earnings and maintained its full-year outlook, but the retail giant's Chief Executive Doug McMillon warned that the company will have to raise prices due to the impact of tariffs. Its shares were down 0.5%.
Starbucks (SBUX) is exploring options for its China business, including a potential stake sale, Bloomberg reported. Starbucks shares were 0.1% higher.
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