Sector Update: Consumer Stocks Decline Wednesday Afternoon

Consumer stocks declined on Wednesday, with the Consumer Staples ETF (XLP) down 0.7% and the Consumer Discretionary ETF (XLY) down 0.4%. VF Corp (VFC) reported a year-over-year drop in core earnings, leading to a 9% decline in its shares. Amazon (AMZN) announced plans to cut 16,000 corporate jobs, resulting in a 0.6% drop in its stock. Conversely, Starbucks (SBUX) exceeded fiscal Q1 sales expectations, with shares rising 2.1% as the company progresses in its turnaround efforts.