The Dow Jones Industrial Average (DJI) is down 416 points this afternoon, with oil prices back on the rise even after the International Energy Agency (IEA) announced it will release a record 400 million barrels of oil from its reserves to soothe supply disruptions. The decision comes amid reports that the U.S. had sunk 16 Iranian minelayer vessels near the Strait of Hormuz.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are drifting lower, as investors also unpack a consumer price index (CPI) reading for February that was in line with expectations.
Options traders are targeting Campbell's Co (CPB) stock today, with 9,322 calls and 6,403 puts traded so far, volume that's eight times the amount typically seen at this point. The most popular contract by far is the March 25 call, with new positions being sold to open there. CPB was last seen down 8% at $22.72, after the canned soup name reported a fourth-quarter earnings and revenue miss and lowered its full-year guidance, citing weak demand. Shares are eyeing their seventh loss in eight sessions and worst day since June 2023. Year over year, CPB is down more than 43%.
Marathon Petroleum Corp (MPC) stock is back on the rise, last seen 4.3% higher at $224.44 as oil prices regain momentum. MPC now sports a 37.9% year-to-date lead, and is within striking distance of its March 5, record high of $228.55 as support emerges at the $210 level.
Conagra Brands Inc (CAG) stock is toward the bottom of the SPX today, down 4.6% to trade at $17.26. Though a catalyst behind today's price action is still unclear, the shares pacing for a third-straight daily loss and worst single-day percentage drop since October. CAG has breached its 60-day moving average today along with its year-to-date breakeven level.
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