All three major US stock indexes were down in late-morning trading on Thursday as investors attempt to parse varying reports on the state of negotiations between the US and Iran.

Iran sent its formal response to the US ceasefire proposal Wednesday night via intermediaries, Tasnim News Agency reported Thursday, citing an informed source. Tehran, which is awaiting a reply, said in its response that: assassinations by "the enemy" must end, firm conditions should be set to prevent future wars, reparations and compensation must be clearly defined and guaranteed, and the war must end on all fronts and for all resistance groups involved in the fighting across the region, the report said, citing the source. Later, President Donald Trump told members of the media that he doesn't know if the US is willing to work on a deal with Iran.

In company news, Corebridge Financial (CRBG) and Equitable (EQH) said Thursday they have agreed to combine in an all-stock merger valuing the combined company at about $22 billion. The deal will create a retirement, life insurance, wealth and asset management firm with about $1.5 trillion assets under management and administration, the companies said. The merger is expected to be completed by the end of the year, they said. Corebridge shares were up 2.2% around midday, while Equitable shares were up 2.8%.

Apple (AAPL) said Thursday it has added new partners to its American Manufacturing Program, which seeks to bring more advanced manufacturing and critical component production to the US. Bosch, Cirrus Logic, TDK and Qnity Electronics will work to make essential materials and components in the US for Apple products, the tech giant said. Apple is planning to spend $400 million for these new programs through 2030, the company said. Apple shares were up 1.6%.

Wave Life Sciences (WVE) said Thursday the new phase 1 data from its INLIGHT trial showed a single 240 mg dose of its investigational obesity therapy WVE-007 reduced visceral fat by 14%, total fat by 5% and stabilization of lean mass in overweight and obese participants after six months. Wave Life said participants receiving a 400 mg dose had a total fat loss of less than 1%, visceral fat loss of 5% and a 0.2% loss of lean mass. Wave Life shares were down 55.0%.

Kodiak Sciences (KOD) said Thursday that topline results from a phase 3 trial of tarcocimab tedromer demonstrated superiority over sham in patients with diabetic retinopathy, and it met its primary endpoint with high statistical significance. Kodiak shares were up 52.6%.

Apollo Global Management (APO) said late Wednesday it has priced an offering of $750 million of 5.7% senior notes due 2036. The offering is expected to close on Monday, with net proceeds of about $745 million, the private equity firm said. Apollo shares were up 1.1%.

Price: 24.39, Change: +0.22, Percent Change: +0.89