11:52 AM EDT, 04/10/2025 (MT Newswires) -- All three major US stock indexes were in the red in late-morning trading Thursday, with the Nasdaq Composite leading the way down, past 5%, backtracking from a large positive swing to close the trading day Wednesday after President Donald Trump announced a 90-day tariff reprieve on some countries and an increase to levies on imports from China.

The US seasonally adjusted consumer price index, a measure of inflation, declined by 0.1% month over month in March, compared with the 0.1% increase expected in a survey compiled by Bloomberg as of 7:30 a.m. ET. Core CPI, which excludes food and energy prices, rose by 0.1%, below the consensus estimate of a 0.3% increase, the US Bureau of Labor Statistics said Thursday.

In company news, President Trump said he is opposed to the proposed sale of US Steel (X) to Japan's Nippon Steel, Reuters reported Wednesday, citing the president's remarks at a campaign event.

Apple ( AAPL ) recently flew around 600 metric tons of iPhones, estimated to be around 1.5 million units, from India to the US to avoid steep tariffs, Reuters reported, citing people familiar with the matter. The move came as the tech giant accelerated manufacturing in India to get in front of a 125% tariff on Chinese-made devices, Reuters reported.

Amazon.com ( AMZN ) Chief Executive Andy Jassy said Thursday its network of third-party sellers may pass the cost of President Trump's tariffs on to consumers, CNBC reported.

Capri (CPRI) said Thursday it has agreed to sell Versace to Prada for about $1.38 billion in cash. The deal is expected to close in H2, Capri said.

STMicroelectronics ( STM ) said it will overhaul its manufacturing network over the next three years, aiming to streamline operations and reduce costs significantly, with up to 2,800 voluntary staff departures expected globally.

Price: 14.70, Change: -1.66, Percent Change: -10.15