Consumer stocks advanced Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) adding 0.7%.

In corporate news, Thor Industries (THO) reported an annual increase in its fiscal Q4 earnings with revenue topping market estimates, though the recreational vehicle maker provided a "prudent" full-year outlook amid macro uncertainties. Its shares jumped nearly 6%.

Cintas (CTAS) raised its full-year outlook on Wednesday as the uniform supplier reported fiscal Q1 results above Wall Street's expectations. The shares were 0.1% lower.

FAT Brands (FAT) shares dropped more than 11% after Bloomberg reported that the company and its creditors are discussing a potential restructuring of roughly $1.2 billion worth of debt.