Consumer Sector Update for 05/16/2024: WMT, UA, JD

Consumer stocks were mixed in Thursday afternoon trading, with the Consumer Staples Select Sector SPDR Fund (XLP) climbing 1.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) down 0.3%.

In corporate news, Walmart (WMT) shares popped 6.9% after it reported higher fiscal Q1 adjusted earnings and revenue. The company also said it now expects to meet the high-end or "slightly" exceed its initial outlook for the full fiscal year.

Under Armour (UA) reported mixed fiscal Q4 results and offered a downbeat outlook on Thursday fueled by ongoing softness in North America, while the sportswear maker launched a restructuring plan that includes expected layoffs. Its shares fell 0.7%.

JD.com (JD) reported stronger-than-expected Q1 results on Thursday as volumes picked up in its supermarket category and consumer spending held up in fashion and home goods. Its shares rose 1%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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