Consumer stocks down, Walmart steady, Alibaba and PDD shares rise on product safety monitoring.

From Nasdaq.: 2024-05-13 15:51:58

Consumer stocks took a hit, with XLP down 0.3% and XLY dropping 0.2%. Meanwhile, Walmart maintained steady sales momentum in Q1, causing their shares to remain stable.

Alibaba’s AliExpress and PDD’s Temu team up with South Korea’s Fair Trade Commission to monitor product safety, boosting Alibaba’s shares by 5.7% and PDD’s by 3%.

Kraft Heinz plans to sell Oscar Mayer, potentially earning $3 to $5 billion, leading to a 0.5% increase in their stock. GameStop’s shares surged 72% after Roaring Kitty returned, following a notable social media-driven rally.



Read more at Nasdaq.: Consumer Sector Update for 05/13/2024: WMT, BABA, PDD, KHC, GME