Getty Images Cboe Global Markets (CBOE) has fallen 3.1% to $107.75 after reporting an adjusted profit of 86 cents a share, below forecasts for 88 cents. "The US equity market is seemingly waking up to the idea that we are in a higher rate environment amid rising inflation and steady Fed hikes," writes Merrill Lynch economist Ethan Harris. "Despite the miss, we expect the shares to trade up on Friday on North American P&C progress that provides a template for fixing surprisingly weak International Commercial P&C results," writes KBW analyst Meyer Shields.