Sector Update: Consumer Stocks Rise Friday Afternoon

01:33 PM EDT, 08/28/2026 (MT Newswires) -- Consumer stocks were higher Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.7%. US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday. The main sentiment index fell 6.3% sequentially to 51.7 this month. The gauge for current economic conditions decreased to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5, according to the survey. In corporate news, Walmart (WMT) has settled a US government lawsuit alleging its pharmacies unlawfully dispensed opioids and other controlled substances, Reuters reported Friday, citing a Justice Department statement. Walmart shares were up 0.2%. Gap (GAP) shares jumped 13% after the company raised its fiscal 2026 adjusted earnings guidance. Fox (FOX) could still be part of a future re-merger with News Corp. (NWSA), Reuters reported Thursday, citing court filings and testimony tied to the Murdoch family succession dispute. Fox shares rose 1.6%, and News Corp. was shedding 0.6%.