Stocks Pivot Lower as Yields, Fed Volatility Ramp Up

After a positive open, stocks have pivoted into the red at midday, the Dow Jones Industrial Average (DJIA) now off triple digits. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are modestly lower, with both poised to snap four-day win streaks. Dragging price action is the 10-year Treasury yield, which is continuing its move higher, last seen at 4.17%. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pacing for its first win in five sessions. Price action could be choppy ahead of the Federal Reserve's two-day policy meeting beginning tomorrow. 

Delta Air Lines Inc (NYSE:DAL) stock is seeing a surge in options activity today, with the company less than a week off the CEO's warning that the airline suffered a $200 million hit from the government shutdown. So far 113,000 calls have changed hands, volume that's 12 times the average intraday amount and seven times the number of puts exchanged. The December 72.50 call is the most popular, while there are new positions being opened at the January 2026 70- and 80-strike calls. DAL is down 0.7% to trade at $66.60, testing its 10% year-to-date level. Despite being headed for a third-straight loss, the equity remains in a channel of higher highs.

Wynn Resorts Ltd (NASDAQ:WYNN) stock is one of the better names on Wall Street today, up 3.3% to trade at $129.64 at last check, after Stifel hiked its price target on the casino name to $160 from $150 and J.P. Morgan Securities from $138 to $145. The former analyst is bullish on Wynn's United Arab Emirates (UAE) expansion and lack of overall competition. Wynn stock is now up 51% in 2025, and is a chip shot from its Dec. 1, more than three-year high of $134.72. 

Tech powerhouse Marvell Technology Inc (NASDAQ:MRVL) stock is weighing on the Nasdaq today, last seen down 9.9% to trade at $89.16. The semiconductor supplier was snubbed from the S&P 500 earlier today, and Microsoft ponders a decision to move to Broadcom (AVGO) for its custom supply. Piling on, Benchmark handed out a downgrade to "hold" from "buy." MRVL is now down 19% in 2025