11:42 AM EDT, 05/12/2025 (MT Newswires) -- All three major US stock indexes were up over 2%, with the Nasdaq Composite up around 3.4% in late-morning trading Monday after the US and Chinese governments released a joint statement announcing a 90-day reprieve in which US tariffs on Chinese products will drop down to 30%, while Chinese tariffs on US goods will fall to 10%.

President Donald Trump on Monday signed an executive order that will seek to lower prescription drug prices for Americans by tying the amount the government pays for some medicines to lower prices abroad. Trump also said he will seek to "cut out" pharmacy benefit managers. Shares of Pfizer ( PFE ) , Johnson & Johnson ( JNJ ) , Merck ( MRK ) , AbbVie ( ABBV ) and Eli Lilly ( LLY ) were up 3.0%, 0.7%, 4.6%, 3.9% and 2.4%, respectively. Shares of UnitedHealth Group ( UNH ) , CVS Health ( CVS ) and Cigna ( CI ) -- owners of the three largest PBMs -- were down 0.4%, 3.3% and 5.7%, respectively.

Apple ( AAPL ) is evaluating higher price points for its next iPhone lineup, The Wall Street Journal reported Monday, citing unnamed people familiar with the matter. The company does not want to imply that tariffs on China are the reason for the price increase, even though most of its iPhones are assembled there, according to the report. Separately, President Trump said Monday he spoke with Apple ( AAPL ) CEO Tim Cook who he said vowed to increase company investments in the US. Apple ( AAPL ) shares were up 5.2%.

NRG Energy ( NRG ) said Monday it has agreed to acquire LS Power Equity Advisors' gas and power portfolio in a cash-and-stock deal valued at about $12 billion. NRG shares were up 24.2%.

Pan American Silver ( PAAS ) agreed to acquire MAG Silver (MAG) in a cash-and-stock deal worth around $2.1 billion. Under the terms of the deal, MAG Silver shareholders can elect to receive $20.54 per share or 0.755 Pan American shares per MAG Silver share, or a combination of cash and shares, with total cash payments across all shareholders consisting of $500 million and the rest paid in Pan American shares. MAG Silver shares were up 7.8%, while those of Pan American Silver ( PAAS ) were down 14.4%.

Blackstone (BX) is in talks to buy TXNM Energy ( TXNM ) , the owner of the largest utility in New Mexico, Bloomberg reported, citing people familiar with the matter.

Fox (FOX) said Monday its direct-to-consumer streaming service will e called Fox One and is due to launch in the fall ahead of the NFL and college football seasons. Fox shares were up 4.9%.

KindlyMD (KDLY) said Monday it has entered into a definitive merger agreement with Nakamoto Holdings to start a Bitcoin treasury strategy. KindlyMD shares were up 288.3%.

Price: 208.91, Change: +10.64, Percent Change: +5.36