Consumer companies fell as investors retreated from luxury firms' shares.

Among the strongest consumer stocks in recent months, shares of European haute couture brands slid after analysts at brokerage Deutsche Bank said aspirational customers in the U.S. would soon be forced to cut back on splurging. Shares of French giant LVMH Moet Hennessey Louis Vuitton, the largest European company by market capitalization; Hermès International, maker of the Birkin handbag; Gucci owner Kering; Italian clothier Moncler; and Christian Dior all fell sharply.

Luxury car brand Ferrari slid, and was on track for its biggest loss of the year after a long winning streak.

Shares of hoteliers rose after The Wall Street Journal reported that Choice Hotels International approached rival Wyndham Hotels & Resorts about a buyout that would create one of the biggest budget hotel owners in the country with brands including Days Inn and Econo Lodge.

Casual dining chain Panera Brands promoted José Alberto Dueñas to chief executive as the restaurant company prepares to offer its shares on the public markets.

Shares of Lowe's Cos. rose after the home-improvement retailer's quarterly same-store sales growth surpassed that of rival Home Depot for the first time in more than two years.

U.S. new home sales rose 4.1% to an annual rate of 683,000 in April, as sales picked up in the South and overall housing inventories remained tight, the Commerce Department reported.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

05-23-23 1739ET