Stocks are lower midday after the highly-anticipated consumer price index (CPI) showed inflation rising 7.5% year-over-year, its biggest gain since 1982. Bond yields quickly rose following the news, with the 10-year Treasury yield rising above 2% for the first time since August of 2019.

Though all three indexes briefly jumped into the black this morning, the Dow Jones Industrial Average (DJI) is down triple digits at last check, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) swim in red ink as well. Meanwhile, Wall Street's "fear gauge," also known as the Cboe Volatility Index (VIX), is on the rise and looking to snap a four-day losing streak. 

Lumen Technologies Inc (NYSE: LUMN) is seeing a surge in options activity in the wake of the company's disappointing fourth-quarter results, after which no fewer than four analysts slashed their price targets. So far, 19,000 calls and 31,000 puts have crossed the tape, with options volume running at nine times what's typically seen and pacing for the top percentile of its annual range. The February 10 put is the most popular by far, with new positions being bought to open. It's also worth noting that LUMN has landed on the Short Sale Restricted (SSR) list today, as it drops 16% to trade at $10.77 -- its lowest level in over a year. 

One of the best performers on the Nasdaq today is Datadog Inc (Nasdaq: DDOG), up 17.1% at $182.24, after the software name's upbeat fourth-quarter results and better-than-expected current-quarter and full-year guidance. The company's new partnership with Amazon.com (AMZN) can't be hurting sentiment either. Year-over-year, the equity is up roughly 58%. 

Meanwhile, 2U Inc (Nasdaq: TWOU) is plummeting 43.4% to trade at $10.17, earlier hitting a record low of $10.00. The company is brushing off narrower-than-expected fourth-quarter losses per share and a revenue beat, after a wider net loss than expected. Year-over-year, TWOU is down 79.2%.