Consumer stocks were lower late Thursday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 4.8%.
In sector news, the Trump administration's move to pause certain tariffs reduces immediate downside risks to the US economy, but prolonged uncertainty is expected to weaken consumer and business spending, Morgan Stanley said in a note e-mailed Thursday.
In corporate news, Harley-Davidson (HOG) shares tumbled nearly 11% after the motorcycle maker disclosed the resignation of a company director who expressed "grave concerns" over its current situation.
Amazon.com (AMZN) Chief Executive Andy Jassy said Thursday its network of third-party sellers may pass the cost of President Trump's tariffs on to consumers, CNBC reported. Amazon shares were falling nearly 6%.
CarMax (KMX) shares plunged past 16%. The company's fiscal Q4 earnings rose sharply year over year but missed market expectations, while it suspended the timeframes related to its long-term objectives due to macro uncertainties.
Warner Bros Discovery (WBD) shares dropped more than 13% after China's National Film Administration said the country will lower the number of US films allowed to enter its market in response to the escalated tariffs imposed on Beijing by the Trump administration.
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