01:39 PM EDT, 04/02/2025 (MT Newswires) -- Consumer stocks were mixed Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) rising 2.1%.

In sector news, the implementation of 25% auto tariffs is expected to drive significant price increases leading to demand destruction of up to 3.2 million vehicles annually and a potential 15% to 20% reduction in vehicle sales, BofA Securities said.

In corporate news, President Donald Trump has told members of his inner circle, including Cabinet members, that Elon Musk will be stepping back in the coming weeks from his roles within the administration, Politico reported. Tesla (TSLA) shares rose 5%.