Consumer stocks were declining premarket Friday with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) 0.3% lower recently.

Gap (GAP) shares were down 15% after the company said tariffs could lead to incremental costs of about $250 million to $300 million in fiscal 2025 and a $100 million to $150 million net impact to its operating income.