Consumer stocks lost slightly more ground Wednesday afternoon, with the SPDR Consumer Staples Select Sector ETF dropping 0.2% while the SPDR Consumer Discretionary Select Sector ETF was slipping 0.3%.
In company news, Leaf Group (LEAF) rose 5.4% after investors owning about 25% of its stock came out against its proposed sale to Graham Holdings (GHC), describing the $8.50-per-share offer as "grossly insufficient."
Hyliion Holdings (HYLN) was 1% higher, giving back most of a nearly 17% gain that followed the launch of the Hypertruck Innovation Council drawing representatives from the transportation, fleet and logistics industries to assist with development of the company's natural gas-powered electric powertrains for Class 8 tractor-trailer trucks.
Li Auto (LI) fell over 13% after the Chinese electric vehicle company disclosed plans for a $750 million private placement of convertible senior notes due 2028.
Abercrombie & Fitch (ANF) climbed 6.9% after UBS upgraded the apparel retailer to buy from neutral and raised the price target by $15 to $46.