The S&P 500 Index was up in late-morning trading on Monday as it looks to fight its way out of correction territory due in part to President Donald Trump's tariff threats.

In company news, Intel's (INTC) incoming Chief Executive Lip-Bu Tan is weighing significant changes to the company's chip manufacturing and artificial intelligence strategies as part of a turnaround effort, Reuters reported Monday, citing two sources familiar with Tan's thinking. The incoming CEO is expected to focus on improving production efficiency to deliver more chips printed on each silicon waver as the company is moving to volume manufacturing of its in-house chip using the 18A process this year, according to the report. For AI, Tan is expected to expand beyond server chips into software, robotics and AI foundation models, while also cutting middle management. Intel shares were up 6.1% around midday.

Honda Motor (HMC) will procure batteries for its hybrid vehicles from Toyota Motor's (TM) US plant in response to President Donald Trump's tariff announcements, Nikkei reported Monday. Honda shares were up 1.6%, while those of Toyota were up 0.8%.

PepsiCo (PEP) said Monday it has agreed to acquire Poppi, a prebiotic soda-maker, for $1.95 billion, which includes expected cash tax benefits of $300 million for a net purchase price of $1.65 billion. PepsiCo shares were up 1.7%.

The US Department of Justice on Friday filed a motion to extend the briefing deadlines in the lawsuit filed by United States Steel (X) and Nippon Steel against the Committee on Foreign Investment in the United States, US Steel said Monday in a regulatory filing. The DOJ is seeking to extend the deadline by 21 days and reschedule the oral argument to the week of May 12 "to allow the government to complete its ongoing discussion with the parties regarding the [m]erger, with the goal of eliminating the need for resolution of the CFIUS Litigation on the merits," the filing said. US Steel shares were up 2.3%.

Walmart (WMT) is making Klarna the exclusive provider of its buy now, pay later loans, a win for the Swedish fintech over its rival Affirm (AFRM), CNBC reported Monday, citing people familiar with the matter. Walmart shares were up 2.4%, while those of Affirm were down 10.3%.

Chevron (CVX) acquired 15.4 million shares of Hess (HES) between January and Mark, representing about 4.99% of all outstanding shares as of Jan. 31, Chevron said Monday in a regulatory filing. The energy company said the purchases reflect its "continuing confidence in the consummation of the pending acquisition of Hess." Chevron shares were up 1%, while those of Hess were up 1.9%.

A consortium including KKR (KKR) and Warburg Pincus has made a non-binding offer for Gerresheimer at lose to 90 euros per share, which would value the company at almost 3.1 billion euros ($3.37 billion), Reuters reported Monday, citing two people with knowledge of the matter. KKR shares were up 1.6%.

Robinhood Markets (HOOD) on Monday launched a prediction markets hub within its app, allowing users to trade on event outcomes. The hub allows customers to trade contracts for what the upper bound of the target fed funds rate will be in May, Robinhood said. Shares of Robinhood were up 4.3%.

Alphabet's (GOOG) Google intends to work with MediaTek to help design and produce the next version of its AI chips, known as Tensor Processing Units, The Information reported Monday, citing two people involved in the project. Google has not ended its collaboration with Broadcom (AVGO), but if the plan moves forward, Broadcom may have to share the TPU business with MediaTek, according to the report. Alphabet shares were down 0.8%, while those of Broadcom were down 1.5%.

Price: 25.51, Change: +1.46, Percent Change: +6.05