Stocks are surging midday, even as bond yields continue to rise amid inflationary fears. The Dow Jones Industrial Average (DJI) is up triple digits at last check, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the black. The 10-year Treasury yield was last seen near 1.96% -- its highest level since 2019 -- while investors are still unpacking the vast jump in the U.S. trade deficit for 2019. Amidst the rally, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is headed for a third-straight loss.

DISH Network Corporation (Nasdaq: DISH) is seeing notable options activity today. At last check, 1,407 puts have changed hands, volume that's roughly double the average intraday amount. Leading the charge is the June 30 put, where new positions are being opened. The streaming stock was last seen up 1.5% to trade at $30.82 and has spent the last two weeks consolidating above the $30 level, which roughly coincides with its year-over-year breakeven level.

One of the best performers on the New York Stock Exchange (NYSE) today is Alcoa Corp (NYSE: AA), last seen up 12.7% to trade at $71.83, and earlier hitting a record high of $71.92. Although the catalyst is unclear, the aluminum stock is now up 226% year-over-year. 

On the other hand, General Motors Company (NYSE: GM) is near the bottom of the NYSE, after Morgan Stanley downgraded the automaker to "equal-weight" from "overweight," while trimming its price target to $55 from $75. The analyst in coverage waxed pessimistic on GM's 2022 outlook and shift to electrification. At last check, General Motors stock was down 4.3% to trade at $48.50 and is now down 18% year-to-date.