01:54 PM EDT, 04/04/2025 (MT Newswires) -- Consumer stocks fell Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) declined 2.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 2.3%.

In sector news, President Donald Trump's new tariffs could negatively impact demand and result in significant margin declines for discretionary retailers, Oppenheimer said.

Building products companies and homebuilders in the US face "significant" earnings headwinds through 2026 as Trump's tariffs exacerbate hurdles in a weak housing market, RBC Capital Markets said.

In corporate news, Stellantis ( STLA ) offered employee-discount pricing to the public across its brands as Trump's tariffs triggered concern that car prices will increase, Bloomberg reported. Stellantis ( STLA ) shares fell 4.5%.

Toyota Motor's ( TM ) North American unit told auto parts makers that it plans to help cover higher costs related to the Trump administration's tariffs, Nikkei reported. Toyota ( TM ) shares fell 4.7%.

Nio (NIO) is implementing a new round of job cuts across its European operations to lower operational overheads by 25% globally, EV reported. Nio shares dropped 7.6%.