11:35 AM EDT, 09/12/2025 (MT Newswires) -- The Dow Jones Industrial Average was down, while the S&P 500 and Nasdaq Composite were up in late-morning trading Friday, as investors prepare for an expected rate-cut announcement by the Federal Reserve next week.

In company news, Alphabet (GOOG, GOOGL) and Amazon.com ( AMZN ) are being investigated by the Federal Trade Commission over whether they misled advertisers that place ads on their website, Bloomberg reported Friday, citing people familiar with the matter. Alphabet Class A shares were down 0.1%, while its Class C shares were flat around midday. Amazon ( AMZN ) shares were down 0.4%.

IonQ ( IONQ ) said Friday it received clearance from the UK Investment Security Unit for its proposed acquisition of Oxford Ionics. IonQ ( IONQ ), which agreed to acquire Oxford in June for roughly $1.08 billion, said the deal is expected to close "in the near term." IonQ ( IONQ ) shares were up nearly 16%.

Adobe (ADBE) reported fiscal Q3 adjusted earnings late Thursday of $5.31 per diluted share, up from $4.65 a year earlier and above the FactSet consensus analyst estimate of $5.18. Fiscal Q3 revenue was $5.99 billion, up from $5.41 billion a year ago and above the FactSet consensus estimate of $5.92 billion. For its fiscal Q4, the company expects adjusted EPS of $5.35 to $5.40 on revenue of $6.08 billion to $6.13 billion. Analysts surveyed by FactSet expect $5.34 EPS on $6.08 billion of revenue. Adobe raised its full-year adjusted EPS guidance to $20.80 to $20.85 from $20.50 to $20.70 and its full-year revenue forecast to $23.65 billion to $23.7 billion from $23.5 billion to $23.6 billion. Analysts expect $20.60 EPS on $23.6 billion of revenue. Adobe shares were up 0.1%.

Kenvue ( KVUE ) interim Chief Executive Kirk Perry held a private meeting with Health and Human Services Secretary Robert F. Kennedy Jr. in which he sought to dissuade him from citing Tylenol as a potential cause of autism, The Wall Street Journal reported Friday, citing a person familiar with the matter. Kenvue ( KVUE ) shares were up 1.1%.

Nvidia ( NVDA ) is backing off from its quasi-competition with Amazon's ( AMZN ) Amazon Web Services as it reduces its efforts to attract business to its cloud service, DGX Cloud, The Information reported Friday, citing a person with direct knowledge of the situation. Nvidia ( NVDA ) shares were up 0.3%.

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