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Retail war: Amazon(AMZN), Walmart (WMT) to launch dueling sales events this week. (00:26) Lutnick says Trump’s tariffs to take effect on August 1. (01:48) ‘Jurassic World Rebirth’ (CMCSA) roars to $91.5M domestic debut, global total tops $318M. (02:24)

This is an abridged transcript.

Retailers are running their summer sales events this week, vying to attract bargain-hunters in what could be one of the busiest shopping periods of the year.

Amazon (NASDAQ:AMZN) Prime Day starts Tuesday (July 8) and has been extended from the usual two days to four.

Bank of America said the extension suggests that Amazon “(NASDAQ:AMZN) has greater retail logistics capacity to offer promotions, and that inventory availability is not a constraint.” BofA forecast over $21B in gross merchandise volume for the event, up about 60% Y/Y.

According to NielsenIQ, Amazon’s (AMZN) two-day Prime Day event in 2024 “rivaled the scale of the entire five-day Cyber 5 weekend, which includes Thanksgiving, Black Friday, the weekend following, and Cyber Monday.”

Given the success of Prime Day over the years since 2015, other retailers have launched their own competing events. Walmart (NYSE:WMT) will kick off “Walmart Deals” on the same day, July 8, one-upping Amazon by extending the event from four days to six.

The event will happen both online and in stores for the first time, with early access to be given to Walmart+ members starting today (July 7) at 7 pm ET.

Other events: Target (TGT) Circle Week on July 6–12; Best Buy’s (BBY) “Black Friday in July” sale on July 7–13; Kohl’s (KSS) Summer Cyber Deals on July 7–10.

Commerce Secretary Howard Lutnick confirmed that President Trump’s new tariffs targeting individual countries will take effect August 1, providing some extra time for negotiations.

“We’ll have most countries done by July 9, either with a letter or a deal,” Trump told reporters Sunday before departing New Jersey for Washington. He added that notices of tariff increases would start going out Monday, with more expected Tuesday.

“We made deals also, so it’ll be a mix of letters and deals,” Trump said, without naming specific countries or groups like the EU.

“Tariffs start August 1, but the president is finalizing rates and agreements now,” Lutnick added.

Jurassic World Rebirth stomped onto the scene and topped the box office this weekend, opening with an estimated $91.5 million across 4,308 North American theaters, according to studio estimates compiled by Comscore.

The Universal (CMCSA) film, featuring Scarlett Johansson and Mahershala Ali, is already off to a strong global start, grossing $318.3 million worldwide.

F1 The Movie, How to Train your Dragon, Elio and 28 Years Later round out the top five.

What’s Trending on Seeking Alpha:

Stock index futures fall as Trump threatens tariffs on BRICS-aligned nations

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Oracle is said to offer big discounts to U.S. government on software

Catalyst watch:

BigBear.ai Holdings (BBAI) and SharpLink Gaming (SBET) are set up for a volatile week of trading based on options volume.
The most overbought stocks per their 14-day relative strength index include Park Ha Biological Technology (PHH), Citius Oncology (CTOR), and Paysign (PAYS).
The most oversold stocks per their 14-day Relative Strength Index include Centene (CNC), Dogness (DOGZ) and Torrid (CURV).

Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.7% at $66/barrel. Bitcoin is down 0.3% at $108,000. Gold is down 0.7% at $3,310.

The FTSE 100 is flat and the DAX is up 0.6%.

The biggest movers for the day premarket: Tesla (TSLA) -7% — Shares plunged after Donald Trump dismissed Elon Musk’s plan to launch a new political party as “ridiculous,” stating the U.S. remains a two-party system. We told you Sunday on Wall Street Brunch with Kim Khan that Musk unveiled the formation of the “America Party” over the weekend, following criticism of Trump’s newly signed tax and spending bill.