On Tuesday, the Consumer Staples Select Sector SPDR Fund and the Consumer Discretionary Select Sector SPDR Fund experienced a premarket decline of 0.4% and 0.8% respectively. This drop coincided with the release of McCormick (NYSE:MKC)'s Q3 earnings report, which revealed earnings per share of $0.65, matching Capital IQ analysts' predictions. This figure represented a decrease from the $0.69 per share reported in the same period last year, triggering a more than 5% drop in the company's stock.
The Consumer Staples Select Sector SPDR Fund, also known as XLP, has some noteworthy attributes as per InvestingPro. The fund has shown consistency by raising its dividend for nine consecutive years and maintaining dividend payments for 25 consecutive years. This information comes courtesy of InvestingPro Tips, which offer insights like these and more for investors on their pro pricing page.
InvestingPro's real-time metrics reveal that XLP has a market cap of 16.04 billion USD and a dividend yield of 2.84%. The data also shows that the fund is trading near its 52-week low, with its price being 89.37% of its 52-week high. The fund's 1-year price total return stands at 3.31%, despite a year-to-date decline of 6.61%.
In other market movements, MINISO Group Holding's shares fell by over 1% in premarket trading following the opening of its first UK "Blind Box" store. The novelty of the new retail concept did not seem to boost investor confidence in the company on Tuesday.
Meanwhile, Turning Point Brands (NYSE:TPB) has initiated a registration statement for a securities offering that could potentially reach a value of $500 million. The company has yet to provide further details on the intended use of these funds or the timeline for the offering.
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