03:31 PM EDT, 07/07/2025 (MT Newswires) -- US benchmark equity indexes are on track to close lower on Monday as investors parse President Donald Trump's 25% tariffs on imports from Japan and South Korea.

The Dow Jones Industrial Average was down 1.2% at 44,300.38, while the Nasdaq Composite declined 1% to 20,393.02. The S&P 500 fell 1% to 6,219.55. All sectors were in red, with consumer discretionary with the steepest decline.

Tesla (TSLA) shares were down 6.7%, the worst performer on S&P 500. Chief Executive Elon Musk said he is 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.

Dow (DOW) shares fell 3.9%. The company said its board of directors approved the shutdown of three upstream assets in Europe as well as certain corporate and other assets globally. Dow will record charges ranging from $630 million to $790 million, and about 800 employees will be impacted.

Uber ( UBER ) shares were up 2.8% after Wells Fargo raised its price target to $120 from $100. The firm maintained an overweight rating on the stock.

The 10-year US Treasury yield was up 4 basis points to 4.39%, while the two-year rate increased 1.3 basis points to 3.91%.

August West Texas Intermediate crude oil increased 2.3% to $68.02 a barrel.