An upbeat core personal consumption expenditures price index for April is boosting investor sentiment at midday after it showed slowing inflation. In response, the Dow Jones Industrial Average (DJI) is boasting a 296-point lead this afternoon, extending this morning's gains as it eyes a seventh-straight daily gain and its first winning week since March. The S&P 500 Index (SPX) and Nasdaq 100 Index (NDX) are also firmly in the black, as both look to nab a third-consecutive winning session and score their first weekly win in two months. Strength in the retail sector and Big Tech is helping the major benchmarks as well.

Big Lots, Inc. (NYSE: BIG) is seeing an unusual amount of bearish options activity today. So far, 10,000 puts and 3,779 calls have crossed the tape, or eight times what is typically seen at this point. The most popular is the June 25 put, followed by the 20 put in the same monthly series. Last seen down 12.6% to trade at $26.78, the retailer just reported surprise first-quarter losses of 39 cents per share, in addition to a revenue miss. In turn, J.P. Morgan Securities cut the security's price target to $7 from $25. BIG has struggled with overhead pressure at the descending 30-day moving average since April, which rejected yesterday's rally off a May 24, two-year low of $24.87. Year-over-year, the equity is down 58.3%.

One of the Nasdaq's top performers today is Upstart Holdings Inc (Nasdaq: UPST), last seen up 15.3% at $49.71. While there is no clear catalyst for today's positive price action, the security has been trying to bounce back from a bear gap earlier this month that knocked it to a May 11, nearly two-year low of $25.43. The $55 level is keeping a tight lid on shares, though, after rejecting a rally last week. In the last nine months, UPST has shed 77.3%.

Among the worst stocks on the Nasdaq, meanwhile, is SpringWorks Therapeutics Inc (Nasdaq: SWTX). The equity is down 39.8% at $18.56 after the company said a combination of its drug nirogacestat with GlaxoSmithKline's (GSK) therapy produced a 38% overall response rate (ORR) for multiple myeloma. In response, Wedbush cut its price to $50 from $110. The security earlier hit an all-time low of $13.60 and carries a 76.9% year-over-year deficit.