Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally higher.

In corporate news, Freshpet (FRPT) shares surged past 17% after it delivered a Q2 beat and raised its full-year outlook, driven by higher spending from its most valued consumers and volume growth.

Uber's (UBER) shares fell 5.6% after its Q2 revenue missed market estimates and it provided a soft Q3 bookings guidance.

Walt Disney's (DIS) fiscal Q3 earnings rose above Wall Street's estimates on Wednesday even as revenue fell short of expectations despite a boost from "Toy Story 5." Disney shares rose 3.3%.

Starboard Value has built a stake in Shake Shack (SHAK) worth "several hundred million dollars," Bloomberg reported Wednesday, citing an interview with the firm's CEO Jeff Smith. Shake Shack shares jumped 10%.