Consumer stocks fell late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 3.5% and the Consumer Discretionary Select Sector SPDR Fund (XLY) declining 2.6%.
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, Walmart (WMT) is "actively considering" getting involved with a group of investors to acquire TikTok, ABC News' Selina Wang said Friday in an X post, citing sources close to the deal. Walmart shares fell 3.7%.
Nike (NKE) and lululemon athletica (LULU) shares rebounded after Trump said Vietnam was willing to eliminate tariffs. Nike shares rose 5.2%, and lululemon gained 5.1%.
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 shares fell 4%.
StubHub is postponing plans for an IPO after tariff tumult battered markets, media reports said Friday.
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