Consumer spending stalls, stocks plummet: PlayStudios, Oxford Industries, Marriott Vacations, Mattel, and Kontoor Brands impacted

Several stocks, including PlayStudios, Oxford Industries, Marriott Vacations, Mattel, and Kontoor Brands, plummeted as new economic data intensified market agitation ahead of the Federal Reserve's policy decision. The Bureau of Economic Analysis reported a stall in real consumer spending, and the University of Michigan's consumer sentiment index remained gloomy. The Consumer Discretionary sector was among the leading decliners, and the market reacted to the pressure on consumers and industrial sectors. The stock market's overreaction to news can present opportunities to buy high-quality stocks.