03:43 PM EDT, 03/28/2025 (MT Newswires) -- Consumer stocks declined late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 3.1%.

In economic news, the University of Michigan consumer sentiment index was revised lower to 57 for March from 57.9 in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Amazon.com (AMZN) MGM Studios head Jen Salke is stepping down to launch a new production entity, Reuters reported, citing an internal memo. Amazon ( AMZN ) shares fell past 4%.

Lululemon athletica (LULU) shares tumbled past 14%, a day after it issued fiscal Q1 guidance below market estimates amid cautious consumer spending after Q4 results surpassed expectations.

Oxford Industries ( OXM ) shares dropped 6.4%, a day after the company issued fiscal Q4 and full-year EPS guidance that trailed analysts' estimates.

Tesla (TSLA) is expected to report Q1 vehicle deliveries below Wall Street's estimates amid pronounced weakness in China and Europe, RBC Capital Markets said. Tesla shares fell 4.4%.