12:08 PM EDT, 05/12/2026 (MT Newswires) -- All three major US stock indexes were down in late-morning trading after April inflation data came in hotter than expected.

The US seasonally adjusted consumer price index rose by 0.6% in April, as expected and following a 0.9% increase in March, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate of a 0.3% increase. Core CPI rose by 0.2% in March. Year over year rates for overall and core CPI rose to 3.8% and 2.8%, respectively from 3.3% and 2.6% in March. The overall year-over-year figure was the highest recorded since May 2023.

In company news, eBay ( EBAY ) said Tuesday its board rejected GameStop's ( GME ) unsolicited, non-binding $55.5 billion buyout offer. The board concluded the company is better positioned to generate growth and shareholder value as a standalone business under its existing management, eBay ( EBAY ) said. Shares of eBay ( EBAY ) were up 0.2%, while GameStop ( GME ) shares were down 1.9% around midday.

On Holding ( ONON ) reported Q1 adjusted earnings Tuesday of 0.37 Swiss francs ($0.47) per diluted share, up from 0.21 francs a year earlier and above the FactSet consensus analyst estimate of 0.27 francs. Net sales were 831.9 million francs, up from 726.6 million francs a year ago and above the FactSet consensus of 818.5 million francs. For full-year 2026, the company said it expects net sales to grow by at least 23% year over year on a constant-currency basis, implying reported sales of at least 3.51 billion francs at current spot rates, it said. On Holding ( ONON ) shares were down 4.6%.

Under Armour ( UAA ) reported a fiscal Q4 adjusted loss Tuesday of $0.03 per diluted share, narrowing from a loss of $0.08 a year earlier but below the FactSet consensus of a loss of $0.02. Fiscal Q4 net revenue was $1.17 billion, down from $1.18 billion a year ago but matching the FactSet consensus. For fiscal 2027, the company said it expects adjusted EPS of $0.08 to $0.12 on a slight decline in revenue. Analysts polled by FactSet expect adjusted EPS of $0.23 on revenue of $5.05 billion. Under Armour ( UAA ) shares were down 17%.

Wendy's (WEN) faces a potential take-private bid from Trian Fund Management, which is seeking investor backing for a takeover, the Financial Times reported Tuesday, citing people familiar with the matter. Wendy's shares were up 15%.

Alphabet's (GOOG, GOOGL) Waymo is recalling 3,791 robotaxis in the US due to a software issue that could likely cause the vehicles to drive onto flooded roads, Reuters reported Tuesday, citing the National Highway Traffic Safety Administration. The recall pertains to certain fifth- and sixth-generation automated driving systems in the robotaxis, the report said. Alphabet's Class C and Class A shares were down 0.5% and 0.4%, respectively.

JPMorgan Chase ( JPM ) Chief Executive Jamie Dimon said Tuesday on Bloomberg TV that financial markets may be showing "a little bit too much exuberance" given current inflation risks and geopolitical tensions. JPMorgan ( JPM ) shares were up 0.5%.

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