Financial Wire

Sector Update: Consumer Stocks Mixed Late Afternoon

-- Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.6%.

In corporate news, Tesla (TSLA) has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing. Tesla shares jumped past 8%.

Brown-Forman (BF.A, BF.B) received a buyout offer from Sazerac for around $15 billion, The Wall Street Journal reported. Brown-Forman Class A shares rose 1% and its Class B shares added 0.9%.

Stellantis (STLA) is considering reviving a partnership with Dongfeng Motor under which the companies would jointly produce cars in Europe and China, Bloomberg reported. Stellantis shares gained 1.9%.

Domino's Pizza's (DPZ) Q1 results will likely miss Wall Street's estimates, with economic challenges expected to drive a downgrade to the pizza restaurant operator's same-store sales outlook for the US, RBC Capital Markets said in a note. Domino's Pizza shares were fractionally lower.

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