S&P 500 Gains and Losses Today: Index Snaps Winning Streak Ahead of Fed Meeting

Major U.S. equities indexes moved lower to kick off a week of trading that will feature the latest policy decision by the Federal Reserve, which has been facing pressure from President Donald Trump to lower interest rates.

The S&P 500 fell 0.6% on Monday, ending its streak of nine consecutive positive trading days. After trading higher for much of the session, the Dow ran out of steam in the afternoon to end with a loss of 0.2%, while the Nasdaq finished 0.7% lower.

Zimmer Biomet (ZBH) shares plunged nearly 12%, easily losing the most of any stock in the S&P 500 on Monday. The producer of orthopedic implants, known for its artificial knee and hip joints, reduced its earnings outlook for 2025, noting that tariffs could drag down operating profits by $60 million to $80 million over the full year. The company indicated that it is exploring options to mitigate the potential tariff impact, including possible shifts in the countries where it sources and manufactures its products.

Meanwhile, the entertainment business became the latest industry to be caught in the trade-war crosshairs after Trump announced a 100% tariff on foreign-made films.

Although ON Semiconductor (ON) topped first-quarter profit estimates and essentially matched sales expectations, the power and sensing chipmaker’s revenue fell 22% year-over-year, reflecting softness in automotive markets. The company noted that it faces macroeconomic challenges and anticipated price declines in parts of its business. Onsemi shares fell 8.4%.

Tyson Foods (TSN) reported lower-than-expected sales for its fiscal second quarter, and shares of the chicken, pork, and beef processor dropped 7.8%. Tyson pointed to a significant earnings impact from setting aside approximately $340 million related to the settlement of an antitrust investigation regarding alleged price-fixing in the pork industry. Although adjusted earnings per share for the period exceeded expectations, the company also provided relatively underwhelming full-year sales guidance.

Shares of internet domain provider GoDaddy (GDDY) advanced 3.4%, securing the S&P 500’s top daily performance. With Monday’s gains, GoDaddy stock clawed back a portion of the steep losses posted Friday in the wake of the company’s quarterly earnings release. Although the web hosting company fell short of expectations on annual recurring revenue and analysts raised concerns about its valuation, GoDaddy’s revenue and EPS topped estimates.

EQT Corp. (EQT) shares jumped 3.2% after UBS upgraded the natural gas producer’s stock to “buy” from “neutral” and lifted its price target. Analysts highlighted a positive outlook for natural gas in coming years, robust revenue growth and gross profit margins, and operational strength following EQT’s acquisition of pipeline operator Equitrans Midstream Corporation.

Oil prices moved lower as major producers agreed to additional output increases. The likelihood of lower jet fuel costs helped boost airline stocks. Shares of Delta Air Lines (DAL) gained 3%.