Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.

In corporate news, General Mills' (GIS) fiscal Q3 results fell year-over-year on Wednesday, while the consumer food company reiterated its full-year outlook. Its shares were down 2.5%.

Lululemon Athletica (LULU) issued a full-year earnings outlook below market estimates, even though it recorded a surprise year-over-year increase in sales for fiscal Q4. Separately, Lululemon founder and major shareholder Chip Wilson said Wednesday that David Mussafer's decision to exit from the company's board is a "step in the right direction" but "glaring governance deficiencies remain." Wilson said the board lacks urgency despite weak performance, with the company posting flat or declining Americas comparable sales for eight straight quarters and with 2026 showing no change in trajectory. Lululemon shares were up 5.5%.

Macy's (M) issued an upbeat full-year sales outlook on Wednesday despite an uncertain discretionary spending backdrop, while the department store operator's fiscal Q4 results topped market estimates. Macy's shares rose 4.8%.