Consumer stocks were edging higher late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) adding 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) moving fractionally higher.

In corporate news, J.M. Smucker's (SJM) fiscal Q1 results fell more than Wall Street's expectations year over year, but the food producer lifted its full-year sales growth outlook, mainly due to the strength of its coffee portfolio. Its shares were falling 4.6%.

Paramount Skydance (PSKY) shares dropped 6.9% after Morgan Stanley cut its price target on the company to $10 from $12 while keeping the underweight rating.

Kohl's (KSS) raised its full-year earnings outlook as the department store chain recorded fiscal Q2 results above market estimates. Its shares jumped 23%.

Cracker Barrel Old Country Store (CBRL) shares rose past 7% after the restaurant chain said it will bring back its old logo and drop the new one.