Dow Futures Cool Off as Inflation Data Weighs

Dow Jones Industrial Average (DJI) futures have dipped below breakeven this morning, poised to take a breather after notching a record close yesterday. Futures on the S&P 500 (SPX) are subdued, while Nasdaq-100 (NDX) futures are eyeing modest gains. Investors are unpacking the producer price index (PPI) for October, which met analysts' expectations of a 0.6% jump month-over-month, and hints at inflation still pressuring the U.S. economy. Longer-term, wholesale prices climbed 8.6% year-over-year -- their highest pace in over a decade.

Continue reading for more on today's market, including:

• Schaeffer's Senior V.P. of Research Todd Salamone unpacks the options buying surge that tipped off volatility spikes.
• Tesla stock plummeted after CEO Elon Musk's tweets.
• Plus, General Electric's spinoffs; Cinemark upgraded; and Palantir Technologies moving lower.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 2.5 million call contracts traded on Monday, compared to 927,588 put contracts. The single-session equity put/call ratio fell to 0.36, and the 21-day moving average stayed at 0.47.
2. General Electric Company (NYSE:GE) is surging ahead of the open, last seen up 8.4% after the former blue-chip conglomerate announced it will split into three public traded companies. Each entity will focus on a different segment, including aviation, energy and health care, the latter of which will be spun off in early 2023. Year-over-year, GE sports a 67.5% lead.
3. The shares of Cinemark Holdings, Inc. (NYSE:CNK) are up 2.4% in electronic trading, after Credit Suisse upgraded the movie theater name to "outperform" from "neutral."  The analyst in question said the company is well-positioned as box offices continue to recover into 2022. Over the last 12 months, CNK has added 140.3%.
4. Palantir Technologies Inc (NYSE:PLTR) is down 2.9% before the bell, despite the software company reporting fiscal third-quarter revenue of $392 million -- substantially higher than the 385 million analysts anticipated. Meanwhile, the company's earnings were in line with expectations. Year-over-year, PLTR remains up 93.4%.
5. Today also brings the National Federation of Independent Business (NFIB) small-business index.

SoftBank Lifting Japan's Nikkei

Stocks in Asia were mixed today, after markets in the U.S. closed at record highs and Bitcoin (BTC) hit a new all-time high. Japan’s Nikkei fell 0.8%, despite shares of SoftBank Group surging 10.5% following a share repurchase plan. Elsewhere, Hong Kong’s Hang Seng and  China’s Shanghai Composite both tacked on 0.2%, and South Korea’s Kospi rose 0.08%. 

European markets are muted at midday, amid a slew of corporate earnings. At last check, the DAX in Germany is up 0.2%, France’s CAC 40 has added 0.3%, and London’s FTSE 100 is 0.02% lower.