Consumer stocks were mixed late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) little changed, erasing earlier gains, and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.9%.

In sector news, officials from the Trump administration are holding trade talks with representatives from China in London. Last week, President Donald Trump said that he held a phone call with his Chinese counterpart, Xi Jinping. Previously, the two countries accused each other of violating their preliminary trade deal.

In corporate news, Lululemon Athletica (LULU) shares fell 1.5%. The company is unlikely to see a comparable sales rebound in the Americas region this year, Morgan Stanley said, downgrading the stock to equal weight from overweight.

DoorDash (DASH) were down 0.3%. The company is facing a lawsuit from Canada's Competition Bureau for allegedly misrepresenting prices to customers, according to a statement from the regulator Monday.

Warner Bros. Discovery (WBD) shares fell 3.2% after the company said it plans to split into two publicly traded companies, with one focused on streaming and movie business and the other on its television networks portfolio.

United Natural Foods (UNFI) shares dropped 7% after the company said in a regulatory filing Monday that it became aware on June 5 of "unauthorized activity" on some of its IT systems.