Consumer discretionary stocks sink after surprisingly strong inflation data

The consumer discretionary sector was trading broadly lower Wednesday, after data showing inflation surprised to the upside in June and wages fell as a result. The SPDR Consumer Discretionary Select Sector ETF
XLY,
+0.82%
slumped 2.1% in premarket trading, with 54 of its 58 equity components trading lower; the four stocks not falling were either not trading or little changed. Meanwhile, futures
ES00,
-0.91%
for the S&P 500
SPX,
-0.45%
were down 1.3%. Among the ETF’s most actively traded, shares of Tesla Inc.
TSLA,
+1.70%
dropped 3.0%, Carnival Corp.
CCL,
-1.42%
slid 2.5%, Amazon.com Inc.
AMZN,
+1.08%
gave up 1.9% and Ford Motor Co.
F,
-0.43%
declined 1.4% Auto parts maker BorgWarner Inc.’s stock
BWA,
-2.61%
was the biggest decliner, as it fell 4.0%.