12:24 PM EDT, 07/07/2025 (MT Newswires) -- US equity indexes were down after midday on Monday as traders awaited news about new trade agreements.

The Nasdaq slipped 0.6% to 20,481.97, the S&P 500 fell 0.6% to 6,242.18, and the Dow Jones Industrial Average slid 0.8% to 44,476.3. All sectors were in the red, with consumer discretionary and energy losing at least 1% each.

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 company news, Tesla (TSLA) shares were down 6.7% in recent Monday trading, leading the decliners in the tech-heavy Nasdaq, after news over the weekend that Chief Executive Elon Musk plans to launch a new political party called "America Party."

CoreWeave ( CRWV ) plans to acquire Core Scientific ( CORZ ) in a $9 billion all-stock transaction expected to close in Q4. Shares of CoreWeave ( CRWV ) dropped 2.7% and Core Scientific ( CORZ ) slumped nearly 16%.

The US 10-year Treasury yield rose 4.5 basis points to 4.39%. The two-year rate rose one basis point to 3.89%.

The US Dollar Index was up 0.2% to 97.34.

West Texas Intermediate crude rose 0.9% to $67.58 per barrel.

Gold was down 0.4% to $3,330.70 per ounce, and silver declined 0.5% to $36.89 per ounce.