U.S. equities sank at midday after a report showed the U.S. manufacturing sector contracted in May. The Dow and S&P 500 were lower, while the Nasdaq was little changed.

Waste Management ( WM ) shares declined after the waste removal company agreed to buy medical waste disposal firm Stericycle ( SRCL ) for $7.2 billion. Stericycle shares soared.

GSK ( GSK ) American depositary receipts (ADRs) declined after a Delaware judge ruled lawsuits could continue by plaintiffs who claim the drugmaker’s former heartburn treatment Zantac caused cancer.

Cava Group ( CAVA ) shares fell following a downgrade from JPMorgan, which suggested the fast-casual restaurant chain’s stock price has become too pricey.

Nvidia ( NVDA ) shares gained after the chipmaker announced its next-generation artificial intelligence platform . Shares of some of Nvidia’s partners including Micron Technology ( MU ), TSMC ( TSM ), and Arm ( ARM ) also gained.

Shares of Paramount Global ( PARA ) jumped on reports the entertainment giant has agreed to be taken over by Skydance Media and its partners for approximately $8 billion.

Spotify Technology ( SPOT ) shares rose as the streaming audio service announced it was raising prices.

Shares of GameStop ( GME ) soared after Keith Gill , known as “Roaring Kitty,” posted on social media a screenshot showing a portfolio with 5 million shares worth over $100 million.

Oil futures slumped and gold prices advanced. The yield on the 10-year Treasury note sank. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.