Consumer stocks fell late Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 1.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 3.2%.
In corporate news, Carvana's (CVNA) largest shareholder, Ernest Garcia II, is facing scrutiny from Delaware's top court over $3.6 billion in stock sales during the COVID-19 pandemic and regulatory challenges, Bloomberg reported. Carvana shares fell 3.4%.
Bill Ackman's Pershing Square Capital disclosed Wednesday in a regulatory filing that it holds roughly 12.7 million Hertz (HTZ) shares worth around $46.5 million. Hertz shares jumped 33%.
Tesla (TSLA) has paused the shipping of key components from China for its upcoming Cybercab and Semi models after significant increases to US tariffs on China, Reuters reported. Separately, Tesla car registrations in California in Q1 fell 15% from a year ago, the California New Car Dealers Association said. Tesla shares were down 5.9%.
United Airlines (UAL) swung to a higher-than-expected Q1 profit, but the air carrier warned of a potential negative impact on its full-year earnings if the US economy enters a recession. Its shares shed 0.1%.
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