Investors Pivot to Tech as Consumer Stocks Stumble

Hasbro defied the sector’s malaise, raising its full-year outlook after returning to profitability. The toy giant’s second-quarter revenue surge was propelled by its Wizards of the Coast and digital-gaming divisions. In the automotive space, Carl Icahn’s Icahn Enterprises agreed to divest its Pep Boys chain to Mavis Tire Express Services in an all-cash transaction valued at roughly $700 million.

Industrial conglomerate 3M also signaled optimism, lifting its annual adjusted earnings forecast to a range of $8.80 to $8.95 per share, citing bolstered demand in its safety and electronics portfolios. Meanwhile, Utz Brands is set to go private following an acquisition agreement with Germany’s Intersnack Group. The deal, valued at $2.9 billion, offers Utz shareholders $14.25 per share—a 91% premium over the company's recent closing price.

Strategic partnerships and expansion efforts rounded out the day's activity. Kraft Heinz inked a multiyear deal to supply its food products across Disney’s North American properties, while Amazon reported that its Amazon Business platform hit $60 billion in annualized gross sales. In Europe, Frasers Group pushed its stake in Hugo Boss above 30% as the clock ticks down on its $2.2 billion bid to acquire the German apparel brand entirely.