12:01 PM EST, 01/14/2025 (MT Newswires) -- Wall Street's major market averages were down around midday Tuesday as traders parsed the cooler-than-expected December wholesale inflation figures.

The December producer price index, which measures wholesale inflation, rose by 0.2% in December, slower than a 0.4% increase in November and below the 0.4% increase expected in a survey compiled by Bloomberg.

In corporate news, Eli Lilly ( LLY ) shares fell 7.3% after it said its Q4 revenue is now expected to be about $13.5 billion, about $400 million below the low-end of the company's recently issued outlook. Analysts polled by FactSet expect $13.93 billion. The company plans to report its Q4 earnings and 2025 guidance Feb. 6.

Meta Platforms ( META ) shares were down 2.7% after Bloomberg reported, citing a memo sent to employees by Chief Executive Mark Zuckerberg, that the social media company plans to eliminate roughly 5% of its lowest performers with the goal of backfilling the positions in 2025.

Southwest Airlines ( LUV ) is pausing all noncontract internal and external hiring, according to a company statement sent to MT Newswires. The company's shares were up 0.9%.

United Rentals ( URI ) agreed to acquire H&E Equipment Services ( HEES ) at $92 per share in cash for a total enterprise value of about $4.8 billion, including net debt of around $1.4 billion. Shares of United Rentals ( URI ) were up 3.4% and H&E soared 105%.

Chinese stocks listed in the US were advancing in recent Tuesday trading following a report that President-elect Donald Trump's economic team is looking at a gradual approach to tariff increases. XPeng ( XPEV ) added 6.8%, JD.com ( JD ) rose 4.6%, Alibaba Group Holding ( BABA ) gained 1.6%, and Baidu ( BIDU ) climbed 2.9%.

Price: 738.82, Change: -58.66, Percent Change: -7.36