The S&P 500 is inching back toward correction territory
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are poised to resume losses today, with both indexes sporting triple-digit midday losses as pessimism bites back. The S&P 500 Index (SPX) is also lower this afternoon, inching back towards correction territory as the Federal Reserve's two-day policy meeting kicks off. Per the CME's FedWatch tool, Fed funds futures are pricing in a 99% chance of interest rates holding steady.
Continue reading for more on today's market, including:
Tencent Music Entertainment Group (NYSE:TME) stock is getting hammered in the options pits today, with 12,000 calls and 2,635 puts exchanged so far, which is 10 times the volume typically seen at this point. The most active contract is the March 15 call, but new positions are being opened at the October 21 call. TME was last seen 8.4% higher to trade at $14.15, after the China-based concern unveiled upbeat annual and fourth-quarter results. TME is pacing for a fifth-straight gain, and earlier surged to its highest level since July. In the last six months, TME added 50.7%.
Mosaic Co (NYSE:MOS) stock is one of the best performers on the SPX today, last seen up 2.8% to trade at $27.26, amid the company's Analyst Day. MOS could nab its fourth consecutive gain in today's session, as it moves back above the 40-day moving average. Shares are extending a bounce off their March 4, four-year low of $22.48, and have added more than 11% so far in 2025.
Royal Caribbean Cruises Ltd (NYSE:RCL), meanwhile, is among the worst stocks on on the SPX today, last seen down 6.9% to trade at $204.22, looking to snap a four-day win streak. While a catalyst for today's negative price action remains unclear, shares have been sailing lower on the charts since a Jan. 31, record high of $277.08. A familiar floor at $200 could contain losses, and longer term RCL still boasts a 59.2% year-over-year lead.