Consumer Sector ETFs Decline as McCormick’s Q3 Earnings Meet Expectations but Fail to Impress

On Tuesday, the Consumer Staples Select Sector SPDR Fund and the Consumer Discretionary Select Sector SPDR Fund saw premarket declines of 0.4% and 0.8%, respectively. This downturn coincided with the release of McCormick’s Q3 earnings report, which announced earnings per share of $0.65, in line with analysts’ expectations. This result marked a decrease from the $0.69 per share reported during the same quarter last year, leading to a more than 5% drop in the company’s stock.

The Consumer Staples Select Sector SPDR Fund, also identified as XLP, has some notable characteristics. It has consistently raised its dividend for nine consecutive years and maintained dividend payments for 25 years. According to real-time metrics, XLP has a market capitalization of $16.04 billion and a dividend yield of 2.84%. Current data shows that the fund is trading close to its 52-week low, at 89.37% of its 52-week high, while its 1-year total return stands at 3.31%, despite a year-to-date decline of 6.61%.

In other market updates, shares of MINISO Group Holding experienced a drop of over 1% in premarket trading after launching its first "Blind Box" store in the UK. The introduction of this new retail concept did not seem to inspire confidence among investors on Tuesday.

Additionally, Turning Point Brands has filed a registration statement for a potential securities offering that could total $500 million. The company has not yet disclosed specifics regarding the intended use of these funds or the timeline for the offering.

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