Stocks Struggling With Another Bond Yield Spike

Stocks are swimming in red ink today, with investor sentiment taking a dive after hotter-than-expected inflation data sent bond yields soaring. September's consumer price index (CPI) rose 3.7% year over year, past the 3.6% expectations. Excluding food and energy prices, core CPI topped estimates over monthly and yearly timeframes. In response, the 10-year Treasury yield spiked back to 5.29%, just below 24-year highs.

At last look, the Nasdaq Composite (IXIC) was down 320 points while the S&P 500 Index (SPX) and Russell 2000 (RUT) were comfortably lower, with all three indexes heading for a third-straight loss. The Dow Jones Industrial Average (DJI) is modestly lower as well, with UnitedHealth (UNH) and Amgen (AMGN) picking up the slack. 

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

• Rare earth stocks losing their luster.
• Lithium stock picks up much-needed upgrade.
• Plus, FAST traders move in; another outperforming healthcare name; and AI infrastructure concerns mount. 

Fastenal Co (NASDAQ:FAST) stock is getting attention from options traders today after the electric component company's top-line beat for the third quarter. At last look, over 16,000 contracts have changed hands, volume that's quadruple the average intraday amount. The October 50 put expiring on Friday is the most popular, while the November 52.50 call is also seeing notable activity. FAST is up 1.7% to trade at $52.28 for the session while sporting a 30% year-to-date gain.

Eli Lilly And Co (NYSE:LLY) is near the top of the New York Stock Exchange (NYSE) today, last seen up 3.3% to trade at $1,204.42. The CPI data sparked a rotation into the healthcare name. LLY is headed for its highest close since Aug. 26, and is 12% higher thanks to support from its 100-day moving average.

CoreWeave (NASDAQ:CRWV) stock is near the bottom of the Nasdaq, down 8.7% to trade at $188.77. AI infrastructure names are selling off as bond yields spike, with Tesla (TSLA) CEO Elon Musk tweeting "yikes" regarding the company's AI debt concerns. CoreWeave stock is trading at its lowest level since late July and is down 50% year over year.