Market participants processed hotter-than-expected PPI data Thursday, sending major indices lower. The S&P 500 futures fell 18 points after dropping 30 handles earlier, while NASDAQ retreated 69 points and the Dow shed 239. Traders discussed positioning ahead of AMAT earnings with Mike trading a call diagonal spread buying an October 190 call and selling an August 200 call for $9.74. Nick outlined a Coinbase crab trade with a 50-point wide long spread in October against September calls, while Katie bought micro corn futures as a diversification play with near-zero correlation to equities. The new Active Trader V2 platform feature received attention for its one-click trading functionality now supporting both futures and equities trading with a streamlined interface. Risk sentiment turned cautious with Bitcoin giving back $4,400 after an overnight rally while bond yields reversed higher and gold continued weakening ahead of Friday's retail sales data.