Consumer stocks were lower Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.8%.
In corporate news, 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 more than 5%.
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. Shares were down 2.1%.
Harley-Davidson (HOG) activist investor H Partners is preparing for a proxy battle to remove three directors, including chief executive officer Jochen Zeitz, following a sharp decline in sales and a plummeting stock price, the investment firm said in a statement. Harley-Davidson shares rose 0.7%.
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