Wall Street has a deluge of earnings reports to unpack today, ahead of the Federal Reserve's interest rate decision and Magnificent Seven quarterly results later this week. The Dow Jones Industrial Average (DJI) is down triple digits this afternoon, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also lower after both earlier hit record highs. Investors are digesting job openings data for June, too, which came in at 7.4 million, the lowest reading since March, according to the Job Openings and Labor Turnover Survey (JOLTS).

PayPal Holdings Inc (Nasdaq: PYPL) is among the most heavily traded stocks in the options pits today, with 169,000 and 75,000 calls exchanged so far, which is 6 times the volume typically seen at this point. Most popular is the weekly 8/1 70-strike put. PYPL is down 8.7% to trade at $71.43 at last glance, brushing off strong second-quarter results and an upbeat outlook amid a drop in transaction margin dollars. The shares are now looking to snap a nine-day win streak with their worst loss since Feb. 4, and carry a 16.4% year-to-date deficit.

Corning Inc (NYSE: GLW) stock is among the SPX's outperformers today, last seen up 11.1% to trade at $61.58. The company surpassed second-quarter earnings and revenue expectations and issued an upbeat outlook for the third quarter. GLW is on track for its best single-day percentage win since March 2020, earlier surging to a 24-year high of $61.81. Shares are bouncing off support at the 20-day moving average, and sport a 44.5% year-over-year lead.

United Parcel Service Inc (NYSE: UPS) stock is near the bottom of the SPX, last seen down 9.7% to trade at $91.76. The delivery concern missed second-quarter earnings expectations and did not provide a guidance update. Pacing for their worst day since January, the shares earlier dropped to their lowest level since April and now carry a 28.8% year-over-year deficit.

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