Nasdaq Dragged 362 Points After Wholesale Inflation Report

Stocks are pulling back this afternoon, after October's producer price index (PPI) came in at it highest reading since November 2022 and a renewed slide in tech put the brakes on the week’s bounce. The Nasdaq Composite (IXIC) is leading the way lower, down roughly 362 points, while the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) follow suit with modest losses of their own. The major indexes are still on track for weekly gains, while the Cboe Volatility Index (VIX), or the stock market's "fear gauge," has moved back above 20.

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

• Biotech stock surging ahead of key trial results. 
• Microsoft Outlook outage sent shares sliding.
• Plus, bulls pile on KR, CBRS' post-earnings' pop; NBIS extends pullback.

Options traders are more bullish than usual today on Kroger Co (NYSE:KR) while the catalyst remains unclear. Roughly 36,000 contracts have changed hands, which is 2.5 times Kroger stock's average intraday amount. The most popular contracts by far are the November 71 and 72 calls. KR was last seen up 1.5% to trade at $70.80, pacing for a fifth-straight winning session. 

Cerebras Systems Inc (NASDAQ:CBRS) shares were last seen surging 7.9% to trade at $105.17, one of the top performers on the Nasdaq after reporting third-quarter adjusted core revenue of $231 million, versus Wall Street estimates of about $215 million, along with a surprise adjusted profit, a stark contrast to its August report. The shares have shed over 40% since their May 13, $185 initial public offering (IPO).

Nebius Group (NASDAQ:NBIS) is trading sharply lower, last seen down 14.2% to trade at $110.66, extending Thursday’s 17% post-earnings pullback. The company beat third-quarter estimates but cut its 2026 revenue outlook. Neocloud stocks were also hit by the NVDA selloff. The shares are back near 19-month lows after being rejected at $160, but remain 32% higher year-to-date.