The S&P 500 Index and the Nasdaq Composite were up, while the Dow Jones Industrial Average was down in late-morning trading Tuesday after April inflation data came in below expectations earlier in the day.

The US seasonally adjusted consumer price index rebounded by 0.2% in April after a 0.1% decline in March, below expectations for a 0.3% increase in a survey compiled by Bloomberg as of 7:40 a.m. ET, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, also rose by 0.2%, below the consensus estimate for 0.3% gain.

UnitedHealth Group (UNH) suspended its full-year outlook Tuesday amid higher-than-expected medical costs, while the health insurer said Andrew Witty has stepped down as chief executive due to "personal reasons." UnitedHealth shares were down 15.5% near noon.

Microsoft (MSFT) will cut its headcount across all levels, teams and geographies by 3%, CNBC reported Tuesday. The layoffs are not performance-related and are aimed at reducing layers of management, the report said, citing a company spokesperson. Microsoft shares were down 0.3%.

President Donald Trump said Tuesday that Saudi Arabia has committed to invest $600 billion in the US with an initial focus on energy, defense, technology, global infrastructure and critical minerals. Alphabet's (GOOG) Google, DataVolt, Oracle (ORCL), Salesforce (CRM) and Uber Technologies (UBER) are pledging to invest $80 billion in technologies in both countries, according to a White House press release. DataVolt is moving forward with plans to invest $20 billion in AI data centers and energy infrastructure in the US, while Hill International, Jacobs Solutions (J), Parsons (PSN) and AECOM (ACM) are building King Salman International Airport, King Salman Park, The Vault, Qiddiya City and other infrastructure projects totaling $2 billion in US services exports, the White House said.

Separately, Nvidia (NVDA) said Tuesday it has formed a strategic partnership with HUMAIN, a subsidiary of Saudi Arabia's Public Investment Fund, to build AI factories in the country over a five-year period with a projected capacity of up to 500 megawatts. Shares of Alphabet, Oracle, Salesforce and Uber were up 1.1%, 3.1%, 1.2% and 3.5%, respectively. Shares of Jacobs, Parsons and AECOM were flat, up 0.3% and up 1.2%, respectively. Nvidia shares were up 5.7%.

McDonald's (MCD) and its franchisees expect to hire up to 375,000 workers this summer nationwide, the company said Monday. McDonald's shares were down 0.4%.

Coinbase (COIN) will replace Discover Financial Services (DFS) on the S&P 500, effective before market open May 19, S&P Global (SPGI) division S&P Dow Jones said late Monday. Coinbase shares were up 19.5%.

The Chinese government has removed a ban on its airlines taking deliveries of Boeing (BA) aircraft after the US and China agreed to suspend most tariffs on each other's goods for 90 days, Bloomberg reported Tuesday, citing people familiar with the matter. Boeing shares were up 3.1%.

Toyota Motor (TM) said Tuesday its updated 2026 bZ electric SUV will offer up to 314 miles of range on select trims and adopt North America's standardized fast-charging system. Toyota shares were up 0.5%.

Honda Motor (HMC) reported fiscal Q4 operating profit Tuesday of 73.5 billion Japanese yen ($496.35 million), down from 305.5 billion yen a year earlier. Fiscal Q4 revenue was 5.360 trillion yen, down from 5.429 trillion yen a year ago but above the FactSet analyst consensus estimate of 5.322 trillion yen. The company expects revenue of 20.600 trillion yen in fiscal 2026, below the FactSet consensus of 21.957 trillion yen. The company said it is postponing its plan to invest about 15 billion Canadian dollars ($10.73 billion) to build an EV value chain in Canada by about two years, citing a slowdown in EV demand. Honda shares were down 4.7%.

Amazon.com (AMZN) and FedEx (FDX) have agreed to support residential deliveries for large packages, multiple media outlets reported Monday, citing company statements and internal documents. FedEx will operate as one of Amazon's external delivery providers, alongside United Parcel Service (UPS) and the US Postal Service, the reports said. Amazon shares were up 2.6%, while those of FedEx and UPS were down 0.1% and 1.3%, respectively.

Institutional Shareholder Services recommended that Phillips 66 (PSX) shareholders support the four board nominees backed by Elliott Investment Management. Phillips 66 said it "strongly" disagrees with the recommendation. Phillips 66 shares were up 5.5%.

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