11:47 AM EDT, 05/15/2026 (MT Newswires) -- All three major US stock indexes were down while US Treasury yields were up in late-morning trading Friday, as investors consider developments from President Donald Trump's summit with Chinese President Xi Jinping.

In company news, major semiconductor shares were down after the US-China summit failed to produce any major semiconductor agreements, Yahoo Finance reported. President Trump said China has not approved purchases of Nvidia's ( NVDA ) H200 AI microchips yet because "they want to develop their own," Bloomberg reported Friday. Nvidia ( NVDA ) shares were over 3% lower, and Advanced Micro Devices ( AMD ) , Intel ( INTC ) and ASML ( ASML ) shares were down 3.3%, 6.3% and 4.6%, respectively.

Bill Ackman said Friday on X that his hedge fund, Pershing Square, has made a significant investment in Microsoft ( MSFT ) . Microsoft ( MSFT ) shares were up 3.5%.

Applied Materials ( AMAT ) reported fiscal Q2 adjusted earnings late Thursday of $2.86 per diluted share, up from $2.39 a year ago, and above the FactSet consensus estimate of $2.68. Revenue was $7.91 billion, up from $7.10 billion a year ago, and above the FactSet consensus of $7.68 billion. For fiscal Q3, the company said it expects adjusted EPS of $3.16 to $3.56 on revenue of $8.45 billion to $9.45 billion. Analysts expect $2.89 and $8.14 billion, respectively. The firm expects its semiconductor equipment business to grow more than 30% in 2026, up from its previous guidance of over 20%, according to the transcript of the company's earnings call. Applied Materials ( AMAT ) shares were little changed.

Shares of Cerebras Systems ( CBRS ) were down 4% Friday after rising over 98% in the previous day following its Nasdaq debut.

Blackstone (BX) and CD&R are in the preliminary stages of exploring offers to acquire Magnum Ice Cream ( MICC ) , Reuters reported Friday, citing sources familiar with the matter. Blackstone shares were down 3.0%, while Magnum was up 9%.

Price: 227.99, Change: -7.75, Percent Change: -3.29