Sector Update: Consumer Stocks Retreat Friday

04:03 PM EDT, 10/23/2026 (MT Newswires) -- Consumer stocks fell Friday with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 1.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining 1.7%. In sector news, US consumer sentiment in October fell to a five-month low as inflation expectations rose to the highest since May, final results of a University of Michigan survey showed. The main sentiment index fell 0.2% sequentially to 48 this month, though it rose from the preliminary reading of 46.3. Separately, President Donald Trump is expected to remove 50% tariffs on some Canadian imports in an attempt to help Maine Sen. Susan Collins and other Republicans on the ballot in the midterm elections, The Wall Street Journal reported. In corporate news, Norwegian Cruise Line (NCLH) shares fell 3% after JPMorgan downgraded the stock to underweight from neutral with an $11 price target. Deckers Outdoor's (DECK) sales guidance cut amid an increasingly promotional US marketplace has fueled growth durability concerns, though a strong margin outlook shows its commitment to full-priced selling, Truist Securities said. Deckers shares fell 5%. General Motors (GM) canceled its long-term rare-earth magnet supply agreement with e-VAC Magnetics, the US unit of Germany-based Vacuumschmelze, or VAC, prompting an arbitration dispute over the contract, Reuters reported. GM shares fell 1.7%. Midera Food Processing (MFP) shares rose 1.5% after the company acquired Phoenix Innovations, a designer and maker of poultry processing equipment.