The market hit the brakes as hotter-than-expected April CPI data and rising oil prices weighed on tech stocks. The Nasdaq-100 futures fell 1.5% at one point, with major chipmakers like AMD and Micron giving back 5% or more. The April CPI print rose 0.6%, pushing the annual rate to 3.8%, its highest level since May 2023. In the options space, put volume is rebounding in E-mini S&P 500, Russell 2000, and Nasdaq-100 futures, shifting away from last week's call-heavy volume. Specifically, today's expiring 7,400 puts in the E-mini S&P 500 traded over 16,000 contracts. Bitcoin also pulled back under the 81,000 level, though crypto volatility has surprisingly cooled despite the elevated inflation reading.