Wall Street's October rally is gaining steam in the second session of the new quarter, with stocks roaring back from recent lows as bond yields retreat from 10-year highs. The Dow Jones Industrial Average (DJI) was last seen 746 points higher, the S&P 500 Index (SPX) is pacing for its best two-day gain in two years, and the Nasdaq Composite (IXIC) sports a strong triple-digit gain.

Other positive catalysts boosting the broader market today include August's jobs report, which showed job openings fell by 1.1 million last month -- a 10% drop from July's report and possibly an early sign of a narrowing labor gap. In addition, travel stocks are moving higher as consumers shift to spending more on experiences thanks to easing Covid-19 restrictions.

Chimera Investment Corporation (NYSE: CIM) is seeing an unusual amount of bullish activity in its typically quiet options pits. Near the session's halfway mark, more than 23,000 calls have been exchanged -- 77 times the average intraday volume -- versus just 162 puts. The most popular position is the November 6 call, followed by the 5 call in the same monthly series, with positions being opened at both contracts. The real estate investment trust (REIT) is up 11.3% at $5.88 this afternoon, bouncing from recent all-time lows of $4.94, indicating traders may be looking for high-yielding opportunities as following the market's inflation-induced selloff. CIM is more than 61% lower on a year-to-date and year-over-year basis.

Inhibrx Inc (Nasdaq: INBX) is one of the best-performing equities on the Nasdaq today. Shares of the biotech concern were last seen up 36.1% at $27.46, after the company said, per talks with the U.S. Food and Drug Administration (FDA), that it could potentially pursue accelerated approval for INBRX-101. According to a press release, INBRX-101 is "an optimized recombinant human AAT-Fc fusion protein, in patients with emphysema due to alpha-1 antitrypsin deficiency (AATD) using functional alpha-1 antitrypsin (AAT) serum levels as the surrogate endpoint." If these gains hold, INBX could close above its 320-day trendline for the first time since January, though the equity remains 40% lower in 2022.

Meanwhile, sitting near the bottom of the New York Stock Exchange (NYSE) this afternoon is Scorpio Tanker Inc. (NYSE: STNG). The equity was last seen down 2.4% at $40.62 after the oil transportation concern announced plans to repurchase 224,000 common shares at an average price of $42.24 per share. Scorpio Tanker stock is still trading near its Sept. 22, roughly five-year high of $46.30, and remains up more than 215% year-to-date.

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