Consumer companies slid after a surprisingly weak reading of consumer sentiment.

The University of Michigan index of consumer sentiment fell to a seven-month low of 65.6 in June.

The data reinforce warnings from retailers such as Big Lots about consumers reluctance to spend on higher priced items.

"More consumers admit it's a bad time to buy major household items as the spending splurge from the last few years pulled demand forward," said Jeffrey Roach, chief economist at brokerage LPL Financial, in a note to clients.

Shares of high-end furniture store RH plunged after it posted weaker-than-anticipated sales.

Hasbro shares rose after analysts at brokerage Bank of America Securities raised their rating on the toy seller, citing the underapprecitation of its "Monopoly Go!" digital offerings and strong sales of "Magic: The Gathering" paraphernalia.

The assets of clothing retailer Express will be folded into a new online retailing venture after a court approved the acquisition of the company's stores and brands out of bankruptcy.


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

(END) Dow Jones Newswires

06-14-24 1728ET