Consumer stocks fell late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) declining 0.9%.

In corporate news, Apollo Global (APO) and Qatari investment fund Irth Capital have made an offer to buy Papa John's (PZZA), which could value the pizza chain at roughly $2 billion, Semafor reported. Papa John's shares jumped past 8%.

General Mills (GIS) shares were shedding 0.8% after Bloomberg reported the company is considering selling its Haagen-Dazs stores in China.

Starbucks (SBUX) has drawn "a lot of interest" in its move to explore a partnership with outside investors for a minority stake in its China business, the Financial Times reported, citing an interview with Chief Executive Officer Brian Niccol. Starbucks shares rose 4.1%.

General Motors (GM) plans to invest $4 billion in three plants in the US over the next two years as part of the automaker's efforts to boost domestic production of its gas and electric vehicles. GM shares gained 1.8%.