Sector Update: Consumer Stocks Higher in Afternoon Trading

Consumer stocks rose Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.6% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 0.8%.

In corporate news, Carnival CCL, CCL said the collapse of Baltimore's Francis Scott Key Bridge is expected to result in an up to $10 million hit to its full-year profit, while it recorded better-than-expected fiscal Q1 results buoyed by robust demand. Its shares rose 2.6%.

Cintas CTAS shares jumped more than 8% after it reported stronger-than-expected top- and bottom-line growth for its fiscal Q3 and boosted its full-year outlook.

DraftKings DKNG and Flutter Entertainment FLTR shares tumbled 7.4% and 6.4% respectively following a report that online gambling companies' VIP programs are drawing scrutiny from federal lawmakers amid gambling addiction concerns.