All three major US stock indexes were up in midday trading Monday, as investors were buoyed by hopes that President Donald Trump and China President Xi Jinping could reach a trade deal when they speak on Thursday.

In company news, Qualcomm (QCOM) said Monday it launched its AI200 and AI250 chip-based accelerator cards and racks that will offer "next-generation AI inference-optimized solutions for data centers." The announcement marks a shift by the company toward data centers and puts it in direct competition with Nvidia (NVDA) and Advanced Micro Devices (AMD), according to media reports. Qualcomm shares were up nearly 13% around noon, while those of Nvidia and AMD were up 2.6% and 0.4%, respectively.

Huntington Bancshares (HBAN) said Monday it has agreed to acquire Cadence Bank (CADE) in an all-stock transaction that values the company at $7.4 billion. The deal is expected to close in Q1 2026, Huntington said. Shares of Huntington were down 3.6%, while those of Cadence were up 3.6%.

Keurig Dr Pepper (KDP) said Monday it entered into two investment agreements totaling $7 billion, co-led by funds managed by Apollo Global Management (APO) and KKR (KKR), in connection with its JDE Peet's acquisition and subsequent separation into two independent companies. Keurig Dr Pepper shares were up 6.9%, while those of Apollo and KKR were up 1.3% and 1.2%, respectively.

Trian Fund Management is working with General Catalyst to buy the remainder of Janus Henderson Group (JHG) it doesn't already own, Bloomberg reported Monday, citing people familiar with the matter. Trian and General Catalyst could publicize on Monday an offer valuing Janus Henderson at about $7 billion, the people reportedly told Bloomberg. Janus shares were up more than 13%.

Shares of US-listed companies that mine rare earth minerals are down in late-morning trading Monday after the US and China reached a trade deal framework that could pause Chinese export controls on the critical minerals and US tariffs. Shares of MP Materials (MP), Critical Metals (CRML), Ramaco Resources (METC) and NioCorp Developments (NB) were down past 11%, nearly 21%, 8.1% and roughly 15%, respectively.

Price: 190.22, Change: +21.28, Percent Change: +12.60