Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 1.2%.

In sector news, the US Senate Commerce Committee is set to vote July 15 on a bipartisan legislation that tightens the ban on China-made vehicles' sale in the country, Reuters reported. The legislation proposes to codify a rule imposed by the Biden administration to ban Chinese companies from selling passenger vehicles in the US, the report said.

In corporate news, Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) may face lawsuits from US states to block the deal as soon as next week, Reuters reported. Paramount shares fell 4%.

Levi Strauss (LEVI) shares declined 2% after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal Q2 results topped views.

PepsiCo (PEP) reported fiscal Q2 results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. Its shares were down 3.6%.

Simply Good Foods (SMPL) lifted its full-year sales outlook on Thursday as it recorded better-than-expected fiscal Q3 results. Its shares rose 2.7%.