All three major US stock indexes were down in late morning trading Monday, as investors look ahead to a key inflation data release later this week.

In company news, China's State Administration for Market Regulation is investigating Nvidia (NVDA) on suspicion of anti-monopoly law breaches, Bloomberg reported Monday, citing a report from China Central Television. Nvidia shares were down 3.1% around midday.

Arthur J. Gallagher (AJG) agreed to acquire AssuredPartners in an all-cash deal worth about $13.45 billion. Gallagher will purchase the stock of AssuredPartners' parent company from private equity firm GTCR and funds managed by Apax Partners, it said in a statement. The net consideration of the deal is $12.45 billion after giving effect to a deferred tax asset of roughly $1 billion, according to the insurance broker. The deal is expected to be complete in Q1 2025, the companies said in separate statements. Gallagher shares were down 0.4%.

Apollo Global Management's (APO) Novolex has agreed to buy Pactiv Evergreen (PTVE) for $18 per share in an all-cash deal valued at $6.70 billion, the companies said Monday. The deal is expected to close in mid-2025, at which point Pactiv shares will no longer be listed on the Nasdaq Composite, and the combined company will be led by Novolex CEO and Chairman Stan Bikulege, the companies said. Apollo shares were down 0.4%, while those of Pactiv Evergreen were up nearly 19%.

Omnicom (OMC) said Monday it will buy The Interpublic Group of Companies (IPG) in a stock-for-stock deal. As part of the transaction, which will likely close in H2 2025, the combined company will keep the Omnicom name and trade under the OMC ticker symbol on the New York Stock Exchange, Omnicom said. Interpublic stockholders will receive 0.344 Omnicom shares for every Interpublic common share owned, Omnicom said. Omnicom shares were down 8.1%, while those of Interpublic were up about 8%.

Mondelez International (MDLZ) is exploring an acquisition of Hershey (HSY) that would create a company with combined sales of nearly $50 billion, Bloomberg reported Monday, citing unnamed people familiar with the matter. Mondelez shares were down 2.9%, while those of Hershey were up almost 13%.

Activist investor Barington Capital has taken a stake in Macy's (M) and is advocating for significant changes to improve the department store's struggling stock, The Wall Street Journal reported Monday, citing a presentation shared by Barington to Macy's shareholders to disclose its position. One major Barington proposal would create a separate real estate unit to unlock the value properties owned and leased by Macy's, which Barington estimates could be worth between $5 billion and $9 billion, according to the report. Shares of Macy's were up 2%.

Dow (DOW) said Monday it has entered into a definitive agreement to sell a 40% equity stake in certain US Gulf Coast infrastructure assets to a fund managed by Macquarie Asset Management for initial cash proceeds of about $2.4 billion. Macquarie will have the option to increase its equity share to 49% within six months of closing. Dow shares were up 3%.

Nippon Steel detailed its plans to spend at least $2.7 billion in capital expenditures at United Steelworkers-represented facilities in a letter to US Steel (X) employees. Shares of US Steel were up 1.8%.

Comcast (CMCSA) and Warner Bros. Discovery (WBD) said Monday they've reached long-term agreements that will deliver Warner Bros.' content to Xfinity and Sky UK and Ireland customers using Comcast's global technology platform. Financial terms of the agreements were not disclosed. Comcast shares were down 8.1%, while those of Warner Bros. were up 3.1%.

Price: 138.11, Change: -4.33, Percent Change: -3.04