All three major US stock indexes were down in late-morning trading on Monday as investors weighed the ongoing Middle East war and soaring oil prices.

In economic news, consumer expectations for one-year US inflation growth slowed to a 3% gain in February from a 3.1% gain in the previous month, according to a survey released by the New York Federal Reserve Bank. Earnings growth expectations fell from January, but so did the expectations of losing a job. Expectations for finding a job also decreased, though expectations for higher unemployment also declined.

In company news, Hims & Hers Health (HIMS) rose past 40% after the company said it will provide Novo Nordisk's (NVO) weight-loss drugs Ozempic and Wegovy pills and injections later this month. As part of the deal, Novo Nordisk is dismissing its lawsuit against Hims & Hers, which alleged patent infringement over the telehealth company's mass marketing of unapproved versions of Wegovy and Ozempic.

Microsoft (MSFT) said it unveiled Microsoft 365 E7: The Frontier Suite, bundling Microsoft 365 Copilot, Agent 365, and Microsoft 365 E5 into a single enterprise AI offering priced at $99 per user per month, available May 1. Shares of the company fell fractionally in the session.

Warner Bros. Discovery (WBD) is the target of a $110 billion acquisition by Paramount Skydance (PSKY) in which Tencent Holdings plans to invest several hundred million dollars as a passive financial backer, Bloomberg News reported, citing unnamed people familiar with the situation. Paramount Skydance's shares dropped 6.7% and Warner Bros. Discovery was down 0.5%.

Eli Lilly (LLY) was up 1.2% after the company said it plans to make its GLP-1 drugs Zepbound, Mounjaro, and orforglipron available through Medicare Part D participating plans starting Jan. 1, 2027, under the new implementation details of the Centers for Medicare & Medicaid Services' BALANCE Model.

Live Nation Entertainment (LYV) and its Ticketmaster unit will continue to face a lawsuit by New York Attorney General Letitia James and a group of state attorneys general, even after a proposed settlement between the company and the US Department of Justice, New York AG James said in a statement. James added that the proposed settlement "fails to address the monopoly at the center of this case." Shares of the company rose nearly 6%.

Saudi Aramco has started cutting output at two of its oilfields following the closure of the Strait of Hormuz amid the US-Israeli war on Iran and subsequent attacks on the waterway, Reuters reported, citing two sources.

Arthur J. Gallagher (AJG) fell past 3% after the company said its wholesale brokerage, binding authority and programs division, Risk Placement Services, has acquired S Philips Surety & Insurance Services. Financial details were not disclosed.

Price: 997.18, Change: +6.84, Percent Change: +0.69