Sector Update: Consumer Stocks Softer Late Afternoon

MT newswire2026/09/18 19:51

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03:51 PM EDT, 09/18/2026 (MT Newswires) -- Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) easing 0.1%. In corporate news, Wendy's (WEN) franchisee Meritage Hospitality said it has filed for Chapter 11 bankruptcy protection. Meritage operates 314 Wendy's, one Bojangles and five branded concepts in 15 states. Shares were falling 3.5%. Netflix (NFLX) shares dropped 4.6% after Wells Fargo downgraded the stock to underweight from equal weight, citing concerning engagement trends. On (ONON) partnered with soccer star Kylian Mbappe, who will directly work with product teams testing and developing soccer footwear and apparel. Mbappe, previously with Nike (NKE), will also serve as a global ambassador for On, the company said. On shares edged up 0.1%, and Nike fell 2.2%. Uber (UBER) was ordered to pay $40 million to the parents of Emily Normandin-Parker who was struck and killed along a California freeway in August 2023 after her Uber driver pulled over, law firm Panish Shea Ravipudi said Thursday. Uber shares were down 0.4%. A consortium led by FedEx (FDX) and Advent International cleared the 80% acceptance threshold for its 7.8 billion euros ($8.9 billion) bid to buy Polish company InPost, Bloomberg reported. FedEx shares were down 0.8%.

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