The Dow Jones Industrial Average (DJI) is 232 points higher this afternoon, thanks in part to a post-earnings surge from Nike (NKE). The Nasdaq Composite (IXIC) is also up triple digits, while the S&P 500 Index (SPX) is rising too, as traders take in Federal Reserve Chairman Jerome Powell's interest rate comments. Powell said "inflation is much too high," which has led some economists to anticipate 50 basis point hikes.

In other news, West Texas Intermediate Crude (WTI) prices are hovering above the key $110 level, and Ukrainian forces have recaptured a suburb in the country's capital of Kyiv.

Alibaba Group Holding Ltd (NYSE: BABA) was last seen up 12.3% at $116.26, following news that the Chinese e-commerce giant increased its share repurchase program to $25 billion. The security is getting blasted in the options pits, with 300,000 calls and 120,000 puts traded this far, which is double the intraday average. The 3/25 120- and 115-strike calls are the most popular contracts, with positions being bought to open at both. BABA has trended lower for the better part of the past 12 months and is now down more than 50% year-over-year. Today's positive price action has Alibaba stock set to close above the 40-day moving for the first time since Feb. 17, though.

One of the best-performing stocks on the New York Stock Exchange (NYSE) so far today is HireRight Holdings Corp Inc (NYSE: HRT), which was last seen up 22.8% to trade at $15.27. The on-demand employment background check provider posted upbeat fourth-quarter earnings today, which has the security brushing off three price-target cuts from analysts. Though HRT still has a way to go before reaching its Nov. 29, record high of $19.46, the stock is still pacing for its highest close since Jan. 13. Year-to-date, the equity is down 4.4%.

Intrepid Potash Inc (NYSE: IPI) is near the bottom of the NYSE. The shares were last seen down 3.9% to trade at $80.75, as farmers brace for a shortage of potash supplies amid sanctions on Russia and Belarus, as well as failed railroad union talks in Canada. The equity is running into a ceiling at the $84, despite bouncing off the $57 level. IPI maintains a 90.4% lead in 2022, however.