Sector Update: Consumer Stocks Decline Late Afternoon

03:51 PM EDT, 09/16/2026 (MT Newswires) -- Consumer stocks fell late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining 0.7%. In corporate news, Wendy's (WEN) shares fell 5% after Seaport Global Securities started coverage of the stock with a neutral rating. Walmart (WMT) and nonprofit insurer SCAN Health Plan are collaborating to offer a co-branded Medicare Advantage plan to seniors, pending regulatory approval, Bloomberg reported. Walmart shares fell 0.4%. American Airlines (AAL) may need to cut capacity further in Q4 as high fuel prices continue to pressure the industry, Bloomberg reported, citing CEO Robert Isom. American Airlines shares fell 0.8%. Paramount Skydance (PSKY) will meet with the Writers Guild of America and state attorneys general who are seeking to block its merger with Warner Bros. Discovery (WBD) for a two-day, court-mandated settlement conference starting Oct. 14, according to media reports citing a court filing. Paramount Skydance shares rose 1.4%, and Warner Bros. gained 0.4%.