Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.2%.

In corporate news, General Mills (GIS) reported better-than-expected fiscal Q4 results on Wednesday, while the consumer food company said it's eyeing $3 billion in cost savings through fiscal 2030. Its shares jumped past 7%.