01:52 PM EDT, 07/07/2025 (MT Newswires) -- Consumer stocks were declining Monday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.5%.

The Trump administration signaled that country-specific tariffs will take effect Aug. 1, weeks after the initial rate pause is set to end. Treasury Secretary Scott Bessent told reporters over the weekend that country-specific tariffs will "boomerang" to their April 2 rates on Aug. 1 for countries that fail to reach new trade agreements with the US.

In corporate news, Tesla (TSLA) shares dropped past 7% following Chief Executive Elon Musk's announcement that he's launching a new US political party, a move that Wedbush Securities said could raise investor concerns about its potential impact on the electric vehicle maker.

Sweetgreen ( SG ) shares tumbled over 10% in recent Monday trading after a Bloomberg report said sales fell in fiscal Q2.

Amazon.com's ( AMZN ) Prime Day sales this week are anticipated to rise 28.4% year over year to hit $23.8 billion across US retailers, according to Adobe Analytics, Reuters reported Monday. Amazon ( AMZN ) shares were easing 0.2%.

Blackstone (BX) has agreed to buy Allegiant Travel's ( ALGT ) Sunseeker Resort for about $200 million, the companies said. Allegiant shares were falling more than 5%.