Consumer stocks fell Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) shedding 1.4%.

In sector news, streaming platforms reached a record 44.8% of total television usage in May, outpacing the combined share of broadcast and cable for the first time ever, Nielsen said. Alphabet's (GOOGL) YouTube led the streamers at 12.5% of all TV viewing, followed by Netflix (NFLX) with a 7.5% share and Walt Disney (DIS) with 5%.

In corporate news, JetBlue Airways (JBLU) Chief Executive Officer Joanna Geraghty told employees that the company is planning a series of cost cuts amid weak travel demand, media outlets reported. JetBlue shares fell 5.2%.

Tesla (TSLA) plans to pause production of its Cybertruck and Model Y at its Austin, Texas, factory during the July 4 week to perform maintenance on production lines, Business Insider reported. Tesla shares declined 3.4%.

Ferrari (RACE) is planning on delaying its second fully electric car until at least 2028 due to weak demand for high-performance luxury EVs, Reuters reported. Ferrari shares dropped 0.9%.