What does it mean when my package's shipping status says "in transit to destination"?

I take it you are following the progress of your pkg via UPS.

In transit to destination..the word transit meaning moving or traveling.
So your pkg is moving toward you which is its destination. That could be via plane, train or truck. The time thing probably is from yesterday. It takes a day for the travel information to get into their program. Every time it gets to a shipment center and a computer scans the label further information will be posted. The next to last posting will say something like out on truck for delivery which means you'll get it that day.and final post will say delivered then you better look outside before it gets stolen if it was too big to go in a mailbox.