01:53 PM EST, 11/20/2024 (MT Newswires) -- Consumer stocks were declining Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.1% recently.

In corporate news, Target ( TGT ) shares tumbled more than 20%. The company slashed its full-year earnings outlook on Wednesday amid soft consumer discretionary spending trends, while its fiscal Q3 results came in below market estimates.

Williams-Sonoma ( WSM ) shares surged past 27% after the company disclosed an improved full-year revenue outlook on Wednesday and reported fiscal Q3 results that topped market expectations.

TJX (TJX) on Wednesday reported better-than-expected fiscal Q3 earnings and sales but lowered its earnings outlook for the ongoing quarter, while increasing its full-year bottom-line guidance. Its shares eased 0.2%.