12:23 PM EDT, 05/31/2024 (MT Newswires) -- Two of the three major US stock indexes were down around noon, despite the Federal Reserve's preferred inflation gauge coming in largely as expected on Friday.

The personal consumption expenditures, or PCE, index increased by 0.3% month over month in April, while the Fed's preferred gauge, the core PCE index, which excludes food and energy prices, came in at 0.2%, matching expectations.

In company news, Chilean state-owned Codelco signed a partnership with Sociedad Quimica y Minera de Chile ( SQM ) that gives the copper behemoth a majority stake in SQM's Chilean brine assets. Under the terms, SQM and Codelco will develop mining projects to produce lithium, potassium and other products from assets of the Chilean Production Development in the Salar de Atacama. SQM shares were down nearly 1% near noon.

Moderna ( MRNA ) said Friday that the US Food and Drug Administration approved mRESVIA, the company's respiratory syncytial virus vaccine designed to protect adults 60 years and older from lower respiratory tract disease caused by RSV infection. Moderna ( MRNA ) shares were down 5%.

Tesla (TSLA) is recalling 125,227 units in the US because of a defect in its seat belt warning system, multiple news outlets reported, citing the National Highway Traffic Safety Administration. The recall pertains to certain Model S, Model X, Model 3 and Model Y vehicles, according to reports. Tesla shares were down nearly 3%.

Carl Icahn has amassed a large position in Caesars Entertainment ( CZR ) , Bloomberg reported Friday, citing people familiar with the matter. Size of the stake and intentions could not be learned immediately, according to the report. Caesars stock was up 11%.

Johnson & Johnson ( JNJ ) closed its acquisition of Shockwave Medical, which will operate as a unit within JNJ MedTech. The deal is expected to dilute adjusted earnings per share by about $0.10 in 2024 and $0.17 in 2025, JNJ said. Shares of Johnson & Johnson ( JNJ ) were up 1%.

Supply chain challenges remain an issue for the aviation industry as material costs are rising, Delta Airlines (DAL) Chief Executive Ed Bastian said in an interview with Bloomberg. Engine repair times also remain an issue as maintenance projects "extend up to months rather than weeks, which they should be." Delta shares were up less than 1%.

Blackstone (BX) has agreed to acquire a 55.1% stake in Japanese e-comics provider Infocom from Teijin for about 260 billion yen ($1.66 billion), Bloomberg reported. The company may consider acquiring all of Infocom's shares through a takeover bid and share transfer in the future. Blackstone shares were down 1%.

Price: 46.40, Change: -0.35, Percent Change: -0.75