11:34 AM EDT, 05/28/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading Wednesday as investors wait for the highly anticipated releases of the Federal Reserve's meeting minutes and Nvidia's ( NVDA ) earnings later in the day.

In company news, the US government is poised to receive a so-called "golden share" in United States Steel ( X ) as a condition of approving Nippon Steel's acquisition of the American company, according to multiple media reports on Tuesday. The golden share would allow the federal government to veto certain company decisions and appointments, Bloomberg reported. US Steel shares were fractionally up around midday.

Stellantis ( STLA ) said Wednesday it has appointed Antonio Filosa as its new chief executive, effective June 23. Prior to the appointment, Filosa served as chief operating officer of the Americas and chief quality officer, the company said. Separately, Stellantis ( STLA ) and Amazon.com ( AMZN ) have mutually agreed to end their collaboration on a project for in-car software called SmartCockpit, Reuters reported Wednesday, citing a joint statement. Stellantis ( STLA ) shares were down 3%, while those of Amazon ( AMZN ) were down 0.2%.

Cantor Fitzgerald said Wednesday it has entered into a definitive agreement to acquire the O'Connor alternatives investment platform from UBS (UBS). The acquisition, which is expected to close in Q4, will add about $11 billion in assets under management in hedge funds, private credit and commodities to Cantor Fitzgerald's Asset management platform, the company said. UBS shares were down 1.0%.

Global Payments ( GPN ) said Wednesday it has agreed to sell its Payroll business to Acrisure for $1.1 billion. The deal is expected to be closed in H2, Global Payments ( GPN ) said. Shares of Global Payments ( GPN ) were down 0.6%.

Abercrombie & Fitch ( ANF ) reported fiscal Q1 adjusted earnings Wednesday of $1.59 per diluted share, down from $2.06 a year earlier but above the FactSet consensus analyst estimate of $1.36. Fiscal Q1 net sales were $1.10 billion, up from $1.02 billion a year ago and above the FactSet consensus of $1.06 billion. The company now expects fiscal 2025 net income between $9.50 and $10.50 per diluted share, down from its previous guidance of $10.40 to $11.40. Analysts expect $10.37. Full-year net sales growth is now expected to be between 3% and 6%, compared with the prior forecast of 3% to 5%. For fiscal Q2, Abercrombie expects diluted EPS of $2.10 to $2.30 on net sales growth of 3% to 5%. Analysts expect $2.46 and $1.18 billion, respectively. Abercrombie shares were up 17.1%.

GameStop ( GME ) said Wednesday it bought 4,710 Bitcoin. GameStop ( GME ) shares were down 11.38%.

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