Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.

In corporate news, Uber (UBER) is reducing its workforce by about 10% as part of restructuring efforts aimed at removing management layers and reducing "complexity" across the business. Uber shares rose over 2%.

Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected Q1 top-line. Its shares rose past 3%.

G-III Apparel (GIII) shares fell 9% after it reported lower fiscal Q2 net sales and issued fiscal Q3 outlook below expectations.

Chipotle Mexican Grill (CMG) shares rose 2.2% after it said Wednesday it has opened its first restaurant in Asia in Seoul, South Korea, in partnership with Sangmidang.