All three major US stock indexes were up in late-morning trading Thursday after news broke that Chinese President Xi Jinping and US President Donald Trump held a conversation over the phone to discuss trade issues.

In company news, Procter & Gamble (PG) said Thursday it expects to cut as many as 7,000 non-manufacturing roles, or 15% of the total non-manufacturing workforce, over the next two years. Procter & Gamble shares were down 1.2% around midday.

Kimberly-Clark (KMB) and pulp producer Suzano (SUZ) have agreed to form a $3.4 billion joint venture focused on manufacturing, marketing and distribution of tissue products, Kimberly-Clark and Suzano said in separate Thursday statements. Suzano said it will pay Kimberly-Clark $1.73 billion in cash for a 51% stake in the joint venture, while Kimberly-Clark will own the remaining 49% stake. Suzano also said it will hold a call option to acquire Kimberly-Clark's stake in the new business. Kimberly-Clark shares were down 1.8%.

Walmart's (WMT) majority-owned Flipkart has received a non-bank finance company license from the Reserve Bank of India, allowing it to offer loans directly to customers and sellers, Reuters reported Thursday, citing regulatory documents. Walmart shares were down 1%.

Ryanair (RYAAY) said Thursday that a passenger plane flying from Berlin to Milan was diverted to Memmingen Airport in Bavaria, Germany, late Wednesday due to air turbulence. Ryanair shares were up 0.6%.

Price: 136.08, Change: -2.36, Percent Change: -1.70