The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index fell to 92.6 in May from 94.2 in April. Analysts had expected the index to rise to 96.0.

The present conditions index dropped to 112.9 in May from 117.1 in April.

The Conference Board's consumer expectations index for the next six months decreased to 79.0 in May from 79.7 in April.

The percentage of consumers expecting more jobs in the coming months remained unchanged at 12.8% in May.

"Consumer confidence declined slightly in May, primarily due to consumers rating current conditions less favourably than in April. Expectations declined further, as consumers remain cautious about the outlook for business and labour market conditions. Thus, they continue to expect little change in economic activity in the months ahead," the director of economic indicators at The Conference Board, Lynn Franco, said.