All three major US stock indexes were down in late-morning trading Tuesday, with the Nasdaq Composite falling 1.4%, as chip stocks sold off and SpaceX (SPCX) debuted on the Nasdaq 100.

In company news, Amazon (AMZN) is looking to raise at least $25 billion from a recently commenced US dollar bond sale, Bloomberg reported Tuesday, citing people familiar with the matter. The offering size could rise depending on investor demand, the report said. The debt will be sold in as many as eight tranches, ranging from three to 40 years, according to the report. Amazon shares were down 0.4% around midday.

Fiserv (FISV) has held talks with JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC) and PNC Financial Services (PNC) about a potential sale of its STAR Network debit payments business, Reuters reported late Monday, citing a source familiar with the matter. Fiserv shares were up 3.3%. Shares of JPMorgan, Bank of America, and PNC were up 0.2%, 0.4%, and 0.8%, respectively, while Wells Fargo was down 0.1%.

Walmart (WMT) and Sam's Club lowered prices on "thousands" of essentials and groceries as part of a summer rollback effort, Walmart said late Monday. Walmart shares were up 1%.

Chinese firm DeepSeek is developing its own artificial intelligence chip that could allow it to rely less on Nvidia (NVDA) and Huawei, Reuters reported Tuesday, citing three people familiar with the matter. Nvidia shares were down 1.3%.

NATO member states signed defense industry deals worth $50 billion, Bloomberg reported Tuesday. Earlier, Reuters reported that President Donald Trump is expected to support the potential sale of F-35 fighter jets to Turkey during his visit to Ankara for the NATO summit. Lockheed Martin (LMT) shares were down 0.2%.

Vertex Pharmaceuticals (VRTX) and Crinetics Pharmaceuticals (CRNX) said late Monday they have reached an agreement for Vertex to buy Crinetics for $85 per share in cash. The deal has a total equity value of about $10 billion and is expected to close in Q3, the companies said. Vertex shares were down 1.6%, while Crinetics shares climbed 98.8%.

Rivian Automotive (RIVN) reported preliminary Q2 revenue late Monday of $1.55 billion to $1.65 billion, above the FactSet consensus estimate of $1.46 billion. The company said it launched a public offering of 75 million common shares and expects to grant the underwriters a 30-day overallotment option to buy up to an additional 11.3 million shares. Rivian shares were down 15%.

Price: 243.19, Change: -0.97, Percent Change: -0.40