The S&P 500 Index and Nasdaq Composite were both down in late-morning trading, while the Dow Jones Industrial Average was about flat, as market participants continue to process tariff-related uncertainty.

In company news, Rocket Companies (RKT) said Monday it agreed to acquire Mr. Cooper Group (COOP) in an all-stock deal valued at $9.4 billion. Under the terms of the agreement, Rocket said Mr. Cooper's shareholders will receive 11 Rocket shares for each share of Mr. Cooper common stock, representing a 35% premium over the 30-day average price. Rocket shareholders will own about 75% of the combined company, while Mr. Cooper shareholders will own 25% once the deal is completed, which is expected to occur in Q4, Rocket said. Shares of Rocket were down 7.8% around midday.

Brookfield Asset Management (BAM) is nearing a deal to acquire Colonial Pipeline, the United States' largest fuel transportation system, for over $9 billion, including debt, Reuters reported Monday, citing people familiar with the matter. Brookfield shares were down 2.1%.

GlobalFoundries (GFS) and United Microelectronics (UMC) are exploring a possible merger, Nikkei Asia reported Monday, citing an assessment plan it viewed. According to the plan, a merger would create a bigger U.S.-based company with a production footprint across Europe, Asia and the U.S., the report said. GlobalFoundries shares were down 1.7%, while those of United Microelectronics were up 12.9%.

ARM Holdings (ARM) expects its share of the worldwide market for data center CPUs to surge to 50% by the end of 2025, up from about 15% in 2024, Reuters reported Monday, citing a senior executive. Shares of Arm Holdings were down 3.3%.

United Airlines (UAL) said Monday it received approval from the Federal Aviation Administration to equip its first aircraft with Starlink technology. The airline said it was issued a supplemental type certificate for the Embraer 175, and its first planned Starlink-equipped commercial flight will be in May. United Airlines shares were down 4.6%.

Nokia (NOK) said Monday it reached a patent agreement with Amazon (AMZN), covering the use of its video technologies in Amazon's streaming services and devices. Nokia said the deal resolves all ongoing global patent litigation between the two companies. Nokia shares were up 0.1%, while those of Amazon were down 2.8%.

Price: 12.02, Change: -1.01, Percent Change: -7.75