The Dow Jones Industrial Average and S&P 500 were up, while the Nasdaq Composite was down in late-morning trading Thursday, as investors weighed new tariff announcements by President Donald Trump on copper and Brazil.

In company news, MP Materials (MP) said Thursday it entered into a public-private partnership with the US Department of Defense to accelerate the creation of a US rare earth magnet supply chain. The deal includes a "multibillion-dollar package of investments and long-term commitments" from the Pentagon, the company said, adding that it will build a second domestic magnet manufacturing facility that will increase its US rare earth magnet manufacturing capacity to about 10,000 metric tons upon completion in 2028. MP Materials shares were up 47% around midday.

Delta Air Lines (DAL) reported Q2 adjusted earnings Thursday of $2.10 per diluted share, down from $2.36 a year earlier but above the FactSet consensus analyst estimate of $2.06. Q2 adjusted operating revenue was $15.51 billion, up from $15.41 billion a year ago and above the FactSet consensus estimate of $15.46 billion. For Q3, the airline said it expects non-GAAP EPS of $1.25 to $1.75, while analysts expect $1.34. The company restored its full-year guidance, calling for adjusted EPS of $5.25 to $6.25. Analysts polled by FactSet expect $5.38. Delta shares were up 12.5%.

WK Kellogg (KLG) signed an agreement to be acquired by Ferrero Group for $23 per share in cash for a total enterprise value of $3.1 billion, the companies said Thursday. The deal, expected to close in H2, includes the manufacturing, marketing and distribution of Kellogg's portfolio of breakfast cereals in the US, Canada and the Caribbean, the companies said. Kellogg shares were up 30.5%.

Moderna (MRNA) said Thursday it received approval from the US Food and Drug Administration for its supplemental biologics license application for its COVID-19 vaccine Spikevax in children aged six months to 11 years who have a high risk of COVID-19 disease. Moderna shares were up 3.6%.

Tesla (TSLA) said Thursday in a regulatory filing that it will hold its annual shareholder meeting on Nov. 6. Separately, Chief Executive Elon Musk said Thursday on X that Tesla vehicles will be equipped with Grok AI by next week "at the latest." Tesla shares were up 2.8%.

Conagra Brands (CAG) reported fiscal Q4 adjusted earnings Thursday of $0.56 per diluted share, down from $0.61 a year earlier and below the FactSet consensus estimate of $0.58. Fiscal Q4 net sales were $2.78 billion, down from $2.91 billion a year ago and below the FactSet consensus of $2.83 billion. For fiscal 2026, the company said it expects adjusted EPS of $1.70 to $1.85, while analysts polled by FactSet expect $2.18. Conagra shares were down 2%.

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