02:32 PM EDT, 03/27/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday as traders weighed the impact of President Donald Trump's new auto tariffs.

The Dow Jones Industrial Average and the Nasdaq Composite were down 0.4% each at 42,271.2 and 17,826.5, respectively, after midday Thursday. The S&P 500 fell 0.3% to 5,692.2. Among sectors, energy saw the biggest drop, while consumer staples paced the gainers.

Trump late Wednesday announced 25% tariffs on imports of automobiles and certain auto parts.

The tariffs are expected to be a "hurricane-like" headwind to foreign and many US automakers, and could result in vehicle price increases, Wedbush Securities said.

General Motors ( GM ) shares were down 7.1% intraday Thursday, the steepest decline on the S&P 500, while Ford Motor ( F ) fell 2.5%. Of the two, GM may be more exposed to a potential impact from new tariffs as its production in Mexico and Canada is more than double than that of Ford's, UBS Securities said in a note.

Electric vehicle maker Tesla (TSLA) was up 1.2%.

European Commission President Ursula von der Leyen criticized the tariffs, saying they're bad for businesses and worse for US and European Union consumers.

Trump said in a social media post that his administration would impose higher tariffs on the EU and Canada if the two work together "in order to do economic harm" to the US.

US Treasury yields were mixed intraday, with the two-year rate falling 1.2 basis points to 4% and the 10-year rate rising 2.9 basis points to 4.37%.

In other company news, GameStop ( GME ) plans a private offering of $1.3 billion in convertible senior notes due 2030. The company's shares were down 25% intraday.

Petco Health & Wellness (WOOF) shares soared 28%. The pet store chain's core profit results for its fiscal fourth quarter and guidance for the full year came in better than expected late Wednesday.

Dollar Tree ( DLTR ) was the best performer on the S&P 500 intraday Thursday, up 10%. The discount retailer on Wednesday agreed to sell its Family Dollar business to investment management firms Brigade Capital Management and Macellum Capital Management in a deal worth roughly $1.01 billion.

West Texas Intermediate crude oil was up 0.2% at $69.78 a barrel intraday.

In economic news, pending home sales in the US rose more than projected in February, according to the National Association of Realtors, which forecast mortgage rates to fall moderately this year from 2024.

Weekly applications for unemployment insurance in the US declined, while continuing claims fell more than expected, government data showed.

Gold was up 1.3% at $3,063.10 per troy ounce, while silver jumped 2.6% to $35.11 per ounce.