The Dow Jones Industrial Average (DJI) is modestly higher midday, last seen up 53 points after a brief dip into the red this morning. Investors are unpacking a 7% year-over-year jump for the consumer price index (CPI) -- the highest since 1982 -- that was in line with analysts' estimates. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher this afternoon, with interest rate hike fears cooling off, for the time being. Elsewhere, the Cboe Volatility Index (VIX) is heading toward its lowest close in a week.

Freeport-McMoRan Inc (NYSE: FCX) is getting blasted in the options pits today. So far, 165,000 calls and 14,000 puts have exchanged hands, which is seven times the intraday average. Most popular is the February 46 call, followed by the January 41, with positions being opened at the former. The copper stock was last seen up 3% to trade at $44.28 after Zacks Research said the mining name may benefit from its cost-control efforts. FCX earlier surged to its highest level since May, bouncing off support from the 20-day day moving average, culminating in a 43% year-over-year lead.

Towards the top of the Nasdaq, today is Immuron ADR (Nasdaq: IMRN), last seen up 36.9% at $3.59, after the biopharmaceutical name earned a $6.2 million award from the U.S. Department of Defense (DoD) to examine a dosing regimen for Travelan suited for military use. IMRN is now trading at its highest level since September but is still down 34.5% in the last nine months.

Avinger Inc(Nasdaq: AVGR) is at the bottom of the Nasdaq, last seen down 26.1% to trade at 36 cents and earlier hitting a record low of 35 cents. The drop comes after the medical device company's $7.6 million registered direct offering. AVGR has been chopping lower over the last few months and is down 69.1% year-over-year.