Consumer companies rose as traders bet the sector will thrive in the current economic environment.

Spirit Airlines fell after the discount carrier posted a wider-than-expected first-quarter loss as it refocuses on its future as a standalone company following the ending of its planned merger with Jetblue Airways in March.

Australian airline Qantas agreed to pay a civil penalty of $66.1 million, to resolve court proceedings with a regulator which alleged the company advertised tickets for more than 8,000 flights it had already canceled.

Freshpet shares rose, testing multiyear highs, after the dog- and cat-food company reported a surprise first-quarter profit.

A pandemic-era boom in pet pampering has continued apace in the intervening years.

Former Starbucks Chief Executive Howard Schultz said in a LinkedIn post the company needs to renew its focus and own its shortcomings after disappointing results.

Write to Rob Curran at

(END) Dow Jones Newswires

05-06-24 1723ET