Consumer stocks were declining premarket Wednesday, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.1% lower.

General Mills (GIS) stock was down more than 3% after the company reported lower fiscal Q1 adjusted earnings and net sales.

Alibaba Group (BABA) shares were up more than 2% after the company said it has completed a $3.2 billion offering of zero-coupon convertible senior notes due 2032.

Unilever's (UL) Ben & Jerry's co-founder Jerry Greenfield said he has resigned from the ice cream maker amid a dispute with its UK-based parent company over the ongoing conflict in Gaza. Unilever shares were 0.8% higher pre-bell.