The S&P 500 is back in correction territory
The S&P 500 Index (SPX) is back in correction territory, as it sells off alongside the tech-heavy Nasdaq Composite (IXIC). The Dow Jones Industrial Average (DJI) is modestly above breakeven, with stocks falling in response to President Trump's latest remarks before tariffs take effect on Wednesday. In addition to stating he "couldn't care less" if foreign automakers hike their prices, Trump also noted reciprocal tariffs will target all countries. The three major indexes are on track for monthly and quarterly losses, with the IXIC slated for its worst month since September 2022.
Continue reading for more on today's market, including:
- 2 stocks suffering a Trump tariff selloff.
- Buyout buzz sends lending stock to record highs.
- Plus, options traders target KVUE; DFS surges on potential buyout approval; and why MRNA is sinking.
Kenvue Inc (NYSE:KVUE) stock is getting blasted in the options pits today, 62,000 calls traded so far -- 12 times the intraday average volume -- compared to only 720 puts. The most popular contract is the September 25 call, where new positions are being sold to open. The equity was last seen up 0.5% to trade at $23.82, pacing for a fourth-straight daily gain. Shares added more than 32% in the last nine months, and are today testing overhead pressure at the $24 level.
Discover Financial Services (NYSE:DFS) is the best stock on the SPX today, last seen up 4.6% at $166. Today's surge comes amid reports that the U.S. Department of Justice (DoJ) could approve Capital One (COF) buying the company for $35.3 billion. DFS is looking to snap a four-day losing streak with its best single-day percentage gain since Nov. 6, while also sporting a 25.9% year-over-year lead.
Meanwhile, Moderna Inc (NASDAQ:MRNA) is the worst stock on the SPX today, down 12.4% at $27.26 at last check. This bear gap comes amid reports that Peter Marks, a top U.S. Food and Drug Administration (FDA) vaccine official who played a key role in the Covid-19 pandemic, resigned. MRNA is eyeing its worst day since January and earlier fell to a five-year low of $26.80, as it struggles with overhead pressure at the 80-day moving average.
