Consumer stocks rose Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) edging up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 2.9%.
In corporate news, Best Buy (BBY) is expected to deliver a fiscal Q2 earnings beat, though there are concerns that potential price increases may impact future discretionary demand, Wedbush Securities said. Best Buy shares rose 4.3%.
Miniso (MNSO) shares jumped 18% after BofA Securities upgraded the stock to neutral from underperform following the retailer's better-than-expected Q2 results.
BJ's Wholesale Club (BJ) lifted its full-year earnings outlook even as fiscal Q2 revenue and comparable club sales fell short of market estimates. The shares fell 7.8%.
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