Brands took a breather on Friday. Stocks traded lower amid a variety of economic news. Consumer confidence is on the wane so far this month. In a preliminary reading, the University of Michigan Consumer Sentiment report showed a dip. Slipping to a lower-than-expected 82.7 in June; economists were expecting confidence to hold steady at 84.5, which was the final reading for May. In inflation news, the Labor Department said the producer price index jumped up a greater-than-expected 0.5% in May. Following a 0.7% decline in April, economists expected the PPI to increase by 0.1%. The core PPI, which discounts food and energy, remained at 0.1%, as expected. Looking ahead, comments from the Federal Reserve’s upcoming two-day meeting and earnings details from Oracle will be released next week.
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