Consumer stocks were higher Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 1.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.2%.

In economic news, Redbook US same-store sales rose by 5.9% from a year earlier in the week ended Nov. 8 after a 5.7% year-over-year increase in the previous week.

In corporate news, Paramount Skydance (PSKY) shares jumped 10% after it reported a Q3 net loss late Monday of $0.01 per diluted share, compared with breakeven a year earlier. The company expects Q4 revenue of $8.1 billion to $8.3 billion, above the market consensus of $7.84 billion.

Centurium Capital is mulling a bid for Coca-Cola's (KO) Costa Coffee chain, Bloomberg reported. Coca-Cola shares climbed 1.3%.

Texas Roadhouse (TXRH) has received an investment from privately held BlackBird Financial, which said Tuesday it has acquired a "meaningful stake" in the restaurant chain. Texas Roadhouse shares added 0.9%.