Sector Update: Consumer

MT Newswires Live10-15 01:06

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.

In corporate news, Netflix (NFLX) is cutting 6% of its global staff, or about 1,000 positions, The Wall Street Journal reported Wednesday, citing an internal email it viewed. This latest round of layoffs, the company's largest since 2022, mainly affects the product, tech, legal and human-resources teams, the report said, citing Co-Chief Executives Greg Peters and Ted Sarandos as saying in an email to employees. Netflix shares were down 0.8%.

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