11:45 AM EDT, 06/02/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading after China refuted President Donald Trump's claims that it had violated the two countries' trade agreement.

President Trump and Chinese President Xi Jinping are likely to speak this week, CNBC reported Monday, citing a senior White House official.

In company news, shares of steel companies soared on Monday after Trump said he planned to raise steel tariffs to 50% from 25%, effective June 4. Shares of Cleveland-Cliffs ( CLF ) , Steel Dynamics ( STLD ) and Nucor ( NUE ) were up 25.6%, 10.3% and 10.0%, respectively.

Bristol Myers Squibb ( BMY ) and BioNTech (BNTX) said Monday they have agreed to co-develop and co-commercialize an investigational bispecific therapy across various solid tumor types. Bristol Myers will make $1.50 billion upfront payment and $2 billion in non-contingent anniversary payments through 2028, the companies said, adding that BioNTech will also be eligible to receive up to $7.60 billion in additional development, regulatory and commercialize milestones. Bristol Myers Squibb ( BMY ) shares were up 0.3%, while those of BioNTech were up 18.4%.

Sanofi ( SNY ) agreed to acquire biopharmaceutical company Blueprint Medicines ( BPMC ) in a deal worth up to $9.5 billion. Sanofi ( SNY ) will initially pay $129 per share in cash through a tender offer to acquire US-based Blueprint Medicines ( BPMC ), representing an equity value of about $9.1 billion. Sanofi ( SNY ) shares were down 0.9%, while those of Blueprint were up 26.1%.

JetBlue Airways ( JBLU ) will not seek a merger with United Airlines (UAL) despite a partnership recently announced by the two airlines, Reuters reported Monday, citing Chief Executive Joanna Geraghty. JetBlue ( JBLU ) shares were down 0.6%, while those of United were up 0.8%.

Meta Platforms ( META ) plans to use artificial intelligence for full automation of advertisement creation and targeting by the end of 2026, The Wall Street Journal reported Monday, citing people familiar with the matter. Meta shares were up 1.7%.

Price: 7.23, Change: +1.40, Percent Change: +24.01