Consumer stocks were mixed late Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) falling 1.7%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.1%.

In corporate news, Honda Motor (HMC) is facing an investigation by the US National Highway Traffic Safety Administration over complete engine failure risk in about 1.4 million of its US vehicles, the regulator disclosed Monday. Honda shares declined 1%.

Keurig Dr Pepper (KDP) has agreed to buy Dutch coffee maker JDE Peet's in an all-cash deal worth about 15.7 billion euros ($18.37 billion), with the US beverage company planning to separate into two independent entities after the deal closes. Keurig shares were falling over 11%.

Spirit Aviation's (FLYY) Spirit Airlines unit is mulling strategic options after its recent financial restructuring fell short of putting the airline on a sustainable track, The Wall Street Journal reported late Friday. Spirit Aviation shares dropped 12%.

PDD's (PDD) Q2 earnings fell year over year amid intense competition, but exceeded market views, while the Chinese e-commerce platform flagged near-term profitability challenges as it continues to invest in merchant support measures. PDD shares rose 1%.