Consumer stocks were lower late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each falling about 1.2%.

In corporate news, Ulta Beauty (ULTA) said Chris Lialios, senior vice president, controller, will serve as interim CFO, succeeding Paula Oyibo, who has left the firm. Ulta shares were down 1.2%.

A mediator proposed that President Donald Trump and Paramount (PARA) settle Trump's lawsuit over a CBS "60 Minutes" interview with Kamala Harris for $20 million, The Wall Street Journal reported. Paramount shares were little changed.

Tesla's (TSLA) new car sales in Europe dropped almost 28% in May from a year ago, even as total battery electric vehicle sales in the region jumped over 27%, the European Automobile Manufacturers Association reported. Tesla shares fell 3.7%.

FedEx (FDX) shares dropped 3.7% after the company guided fiscal Q1 earnings below market estimates and declined to give a full-year view amid tariff uncertainty, even though its Q4 results topped market expectations.

General Mills (GIS) recorded fiscal Q4 sales below market expectations as volume and prices fell, while the Cheerios maker projected earnings in fiscal 2026 to be down by double digits on a yearly basis. Its shares fell 4.5%.