All three major US stock indexes were down in late-morning trading, as investors took in more downbeat data on the labor market.

Challenger, Gray & Christmas said Thursday that companies planned to cut 108,435 jobs in January, up from 35,553 in December and 49,795 a year earlier. The January layoff total is the highest figure for the month since 2009.

In company news, Alphabet (GOOG, GOOGL) posted Q4 earnings late Wednesday of $2.82 per diluted share, up from $2.15 a year earlier and above the FactSet consensus analyst estimate of $2.63. Fourth-quarter revenue was $113.83 billion, up from $96.47 billion a year ago and above the FactSet consensus of $111.33 billion. Alphabet's Class C shares were down 2.8%, while its Class A shares were down 3% around midday.

Rio Tinto (RIO) said Thursday in a UK regulatory filing it is no longer pursuing a merger with Glencore because it "determined that it could not reach an agreement that would deliver value to its shareholders." In a separate UK regulatory filing, Glencore said the potential offer "significantly undervalued Glencore's underlying relative value contribution to the combined group, even before consideration of a suitable acquisition control premium." Rio Tinto shares were down 4.9%.

Hims & Hers Health (HIMS) said Thursday it will start offering compounded copies of Novo Nordisk's (NVO) Wegovy pill at a starting price of $49 per month. Hims shares were up 3.5%, while Novo Nordisk shares were down 6.3%.

Tower Semiconductor (TSEM) said Thursday it is teaming up with Nvidia (NVDA) to scale AI infrastructure deployments with silicon photonics for 1.6T data center optical modules designed for Nvidia's networking protocols. Separately, Nvidia won't release a new gaming graphics chip this year because of a global memory-chip shortage due to the AI boom, The Information reported Thursday, citing two people familiar with the situation. Tower shares were up 5%, while Nvidia shares were flat.

Baker Hughes (BKR) said Thursday it has reached a deal to become Marathon Petroleum's (MPC) preferred provider of hydrocarbon treatment products and services at its refineries in the US. Baker Hughes shares were down 2.7%, while Marathon shares were down 2.2%.

Peloton Interactive (PTON) reported a fiscal Q2 loss Thursday of $0.09 per diluted share, less than the loss of $0.24 a year earlier but more than the loss of $0.05 expected by analysts polled by FactSet. Fiscal Q2 revenue was $656.5 million, down from $673.9 million a year ago and below the FactSet consensus of $675.6 million. For fiscal Q3, the company said it expects revenue of $605 million to $625 million. Analysts expect $637.4 million. For fiscal 2026, Peloton expect revenue of $2.40 billion to $2.44 billion, compared with its prior guidance of $2.40 billion to $2.50 billion. Peloton shares were down 22.6%.

Shell (SHEL) reported Q4 adjusted earnings Thursday of $0.57 per diluted share, down from $0.60 a year earlier and below the FactSet consensus of $0.62. Fourth-quarter revenue was $64.09 billion, down from $66.28 billion a year ago but above the FactSet consensus of $63.20 billion. The company also announced a $3.5 billion stock buyback plan, slated to be completed by the end of Q1. Shell shares were down 4.5%.

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