Stocks are swimming in red ink today, as investors grapple with hotter-than-expected inflation data. September's consumer price index (CPI) rise of 0.2% month-over-month topped the 0.1% estimates, while the year-over-year figure also came in slightly above expectations, albeit at its lowest level since February 2021. In response, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are retreating from their record closes, while the Nasdaq Composite (IXIC) also sits firmly lower. 

As the debate over the extent of interest rate cuts for November's Fed meeting takes hold, CME's FedWatch tool shows an 87% chance of a 25 basis-point hike next month. However, the minutes from the central bank's September meeting show division and uncertainty about the next steps. 

Options traders are crowding Cloudflare Inc (NYSE: NET) stock today. At last check, over 21,000 calls have changed hands, volume that's 7 times the average intraday amount and more than 4 times the number of puts traded. The February 110-strike call is most popular, as is the October 100 call, with new positions being bought to open at both. Cloudflare stock is up 8.5% to trade at $92.25, buzzing after the cloud company appointed CJ Desai as President of Product & Engineering. NET is now up 41% year-over-year and is trading at its highest level since before its May 3 post-earnings bear gap of 16.4%. 

Staying in the cybersecurity sector, CrowdStrike Holdings Inc (Nasdaq: CRWD) stock is near the top of the SPX, last seen up 4.5% to trade at $311.99. CRWD is heading for its highest close since July 19, even after Delta Air Lines (DAL) CEO demands payback for the global outage that ended up impacting the airlines' third-quarter earnings report. CRWD is 22% higher today and testing its 200-day moving average today.

First Solar Inc (Nasdaq: FSLR) is near the bottom of the SPX, last seen off by 7.9% to trade at $208.14, after Jefferies trimmed its price target on the renewable energy stock to $266 from $271. FSLR is still 20% higher year-to-date, but today's gap is testing support at its 160-day trendline. 

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