05:17 PM EDT, 07/07/2025 (MT Newswires) -- US equities fell on Monday, with the Nasdaq Composite and the S&P 500 pulling back from record highs, as President Donald Trump announced tariffs on several trading partners.

The tech-heavy Nasdaq fell 0.9% to 20,412.5, while the S&P 500 lost 0.8% to close at 6,230. The two indices reached fresh all-time highs Thursday, ahead of the Independence Day holiday on Friday.

The Dow Jones Industrial Average fell 0.9% at 44,406.4.

Most sectors were in the red, led consumer discretionary, while utilities and consumer staples were the only gainers.

In social media posts earlier on Monday, Trump disclosed blanket tariffs against seven nations, starting Aug. 1. The countries include Japan, South Korea, Malaysia and South Africa. After market close, he disclosed new tariff rates on seven additional economies, including Indonesia and Bangladesh.

Trump set a 25% charge on imports from Japan, South Korea and Malaysia, while imposing 30% duties on South African goods.

Treasury Secretary Scott Bessent told CNN on Sunday that starting Aug. 1, tariffs for countries without trade deals will return to levels announced at the beginning of April.

On Sunday, Trump warned that any country aligning itself with the policies of BRICS, an intergovernmental organization including Brazil, Russia, India, China and South Africa, will be subject to additional tariffs of 10%.

Leaders of the bloc, at a summit in Brazil, recently said in a statement that rising tariffs pose a threat to global trade, Reuters reported.

US Treasury yields were higher, with the 10-year rate rising 4.2 basis points to 4.39% and the two-year rate adding 0.5 basis point to 3.90%.

In company news, Tesla (TSLA) shares slumped 6.8%, the worst S&P 500 performer. Chief Executive Elon Musk announced that 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.

Shares of Core Scientific ( CORZ ) tumbled about 18% after the data center infrastructure provider agreed to be acquired by artificial intelligence hyperscaler CoreWeave ( CRWV ) in a roughly $9 billion all-stock deal. CoreWeave ( CRWV ) shares fell 3.3%.

WNS (WNS) shares jumped 14% after the technology outsourcing firm agreed to be acquired by France's Capgemini for $3.3 billion, excluding debt.

West Texas Intermediate crude oil was up 1.6% at $68.07 a barrel in Monday's late-afternoon trade. "A tight physical market lent support to oil prices," D.A. Davidson said in a note.

Over the weekend, eight members of the Organization of the Petroleum Exporting Countries and its allies -- a group called OPEC+ -- agreed to increase production by 548,000 barrels per day for August. That compares with gains of 411,000 barrels for the prior three months.

The eight countries -- Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman -- announced the adjustment citing low oil inventories amid a stable global economic outlook and healthy market fundamentals.

"While seasonal demand and near-term compensation cuts by previously overproducing members will partially mask supply adds heading into the fourth quarter, we continue to believe crude builds will accelerate with the magnitude of the oversupply clearly apparent by (the fourth quarter), pushing WTI towards or below ($55 per barrel)," Tudor Pickering Holt analyst Matt Portillo wrote.

Gold was up 0.1% at $3,344.5 per troy ounce, while silver fell 0.3% to $36.98 per ounce.