11:51 AM EDT, 05/28/2024 (MT Newswires) -- The Nasdaq Composite was up, the Dow Jones Industrial Average was down, and the S&P 500 was roughly flat in late-morning trading Tuesday as investors returned after an extended holiday weekend.

The US Securities and Exchange Commission has adopted a standard settlement cycle of one business day after the trade day, or T+1, starting Tuesday. The regulator adopted new rules in February to shorten the settlement cycle for most broker-dealer transactions to T+1 from T+2.

In company news, T-Mobile (TMUS) agreed to purchase substantially all of US Cellular's (USM) wireless operations in a deal worth about $4.4 billion. Under the terms of the deal, T-Mobile will pay fof the assets in cash and assume up to roughly $2 billion of debt. The transaction includes US Cellular's wireless customers and stores and about 30% of its spectrum assets, according to a press release. Shares of T-Mobile were up 0.6% around midday.

Elliott Investment Management has made a $2.5 billion investment in Texas Instruments ( TXN ) and is urging the company to improve its free cash flow, the activist hedge fund said Tuesday. Elliott sent a letter to the Texas Instruments ( TXN ) board, asking the company to "adopt a dynamic capacity-management strategy and introduce a free cash flow per share target" of over $9 in 2026. Texas Instruments ( TXN ) shares were up 0.7%.

Energy Transfer ( ET ) has agreed to acquire WTG Midstream Holdings for about $3.25 billion from Stonepeak affiliates, the Davis Estate and Diamondback Energy ( FANG ) , according to a Tuesday press release. The deal includes $2.45 billion in cash and 50.8 million newly issued ET common units. Expected to close in Q3, the acquisition includes a 20% interest in the 425-mile BANGL Pipelines, according to the press release.

Toyota Motor (TM) on Tuesday launched new engines designed to cut carbon emissions from electric vehicles. The company displayed the new inline-four engine in a joint event with Subaru and Mazda, according to a joint statement from the companies. Shares of Toyota were up 0.9%.

Norfolk Southern ( NSC ) said Monday its board unanimously appointed Claude Mongeau as independent chair, effective immediately. Mongeau served as president and chief executive of Canadian National Railway from 2010 to 2016. Norfolk Southern ( NSC ) shares were down 0.8%.

Johnson & Johnson ( JNJ ) announced Tuesday it has agreed to acquire the rights to NM26, an experimental eczema treatment, from Numab Therapeutics for $1.25 billion in an all-cash deal. The deal is slated to close in the second half of the year, pending regulatory approval and other conditions, JNJ said. Shares of Johnson & Johnson ( JNJ ) were down 1.2%.

A consortium comprised of KKR (KKR) and Singapore Telecommunications is the frontrunner to purchase a $1 billion minority stake in STT Telemedia Global Data Centres, Reuters reported Monday, citing two sources with knowledge of the matter. KKR shares were down 0.1%.

GameStop ( GME ) shares soared Tuesday morning, extending gains from late Friday following the company's announcement that it completed an offering of 45 million shares that generated $933.4 million in gross proceeds. The company's stock was up 25.7% near noon.

Price: 167.21, Change: +1.21, Percent Change: +0.73