Consumer shares fell as strong economic data could keep Federal Reserve policymakers from cutting interest rates any time soon.

The Conference Board's consumer confidence index rose, reversing the previous month's losses despite lingering fears over inflation. A strong labor market boosted consumers' mood over the current situation and expectations for the future, the Conference Board said.

Tesla shares fell after proxy-advisory firm Glass Lewis advised shareholders to vote against Elon Musk's multibillion-dollar pay package at the company's meeting next month.

Total short interest in restaurants shot up 6% sequentially in the first two weeks of May, with much of that driven by high franchised quick-service brands, including Burger King parent Restaurant Brands International and Wendy's, as investors grow wary of softening fast-food traffic and the emergence of "value wars" within the sector, Raymond James analyst Brian Vaccaro said in a research note.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

05-28-24 1703ET