Rising bond yields are weighing on the market, with the 10-year Treasury note up over 13 basis points at 4.168% at last look amid concerns that the Fed may not cut rates soon. The Dow Jones Industrial Average (DJI) is down 363 points at last check, earlier dropping over 400 points, dragged down by McDonalds' post-earnings drop. Meanwhile, the S&P 500 (SPX) and Nasdaq Composite (IXIC) are sharply lower as well.

Blue-chip machinery name Caterpillar Inc (NYSE: CAT) is the top stock in the options pits today, after the company's upbeat fourth-quarter results. So far, 47,000 calls and 37,000 puts have exchanged hands, which is already four times the stock's average daily options volume. The weekly 2/9 360-strike call is the most popular, with new positions being bought to open there. CAT earlier hit a record high of $334.87, and was last seen up 0.7% at $317.22. 

Cancer drug developer MorphoSys AG (Nasdaq: MOR) is up 36.4% at $15.10 today, after news that Novartis (NVS) is in advanced talks to acquire the company, so far beating out Incyte's (INCY) offer. Today's pop has MOR trading at its highest levels since August 2021. In the last year, the stock is up roughly 205%. 

Electric vehicle name Volcon Inc (Nasdaq: VLCN) hit a fresh record low of $2.60 today, slipping further into penny stock territory after news that the company's restructuring plan appoints insider John Kim as CEO. The stock was trading above $350 at this time last year, and only recently dropped below the significant $5 level. 

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