The Dow Jones Industrial Average (DJI) is extending this morning's sluggish trading into the afternoon, down 92 points midday. The S&P 500 (SPX) and Nasdaq Composite (IXIC), however, are quietly higher, as investors weigh strong earnings reports from retailers against ongoing inflation concerns.

Initial jobless claims for last week fell for the seventh-straight week, coming in at 268,000, as the labor shortage continues. Meanwhile, crude prices are near six-week lows, after reports that China plans to release oil from its strategic reserve.

Retail name Kohl's Corporation (NYSE: KSS) is seeing a burst of options activity today, following the company's upbeat third-quarter report and raised full-year sales forecast. So far, 23,000 calls and 8,980 puts have crossed the tape, which is five times the intraday average. The weekly 11/26 60-strike call is the most popular, with new positions being sold to open there. Currently, KSS is up 6.2% to trade at $60.00. 

Sector peer Macy's (NYSE: M) is also surging, up 17.1% to trade at $36.10 at last check to hit a fresh three-year high. The retailer reported third-quarter earnings of $1.23 per share, which is much higher than the 31 cents per share anticipated by analysts, as well as a revenue beat. Plus, Macy's raised its full-year forecast, and announced its decision to bring on consulting firm AlixPartners to review its business. 

Meanwhile, Amtech Systems Inc. (Nasdaq: ASYS) is falling to the bottom of the Nasdaq, down 27.8% to trade at $11.02, after its fiscal fourth-quarter earnings and revenue missed estimates. Potentially paring further losses, Cowen and Company raised its price target to $17 from $14. Plus, the stock's 140-day moving average appears to have caught some of today's pullback, and ASYS is still up 73% year-to-date.