The S&P 500 rose sharply to end at its highest in over two weeks on Monday (Mar 24), lifted by Nvidia and Tesla following signs that the Trump administration might take a more measured approach on tariffs against U.S. trading partners.
Regarding the options market, a total volume of 47,324,271 contracts was traded on Monday.
Top 10 Option Volumes
Top 10: TSLA; NVDA; VIX; AMD; PLTR; MSTR; AAPL; AMZN; MO; MARA
Source: Tiger Trade App
Tesla shares finished 11.9% higher on Monday. The stock notched its best day since Nov. 6, 2024, the day following President Donald Trump’s victory in the election, making it the best-performing stock in the S&P 500 for the day. Nonetheless, shares are still trading more than 44% below their all-time high from December.
Tesla shares also benefited from an uptick in broader market sentiment Monday, after The Wall Street Journal reported Trump’s reciprocal tariffs starting April 2 may be more targeted than previously expected. Tariffs on industrial sectors are now unlikely to be announced then, the report stated. Certain nations may also be excluded from the tariffs, according to a separate report from Bloomberg. Both the Journal and Bloomberg reports noted that the situation remains fluid and the plans could change.
A total number of 3.27 million options related to Tesla was traded on Monday, of which 55% were call options. Market sentiment for Tesla is quite bullish based on option delta volume, traders bought a net equivalent of 469,141 shares of stock.
Source: Market Chameleon
Bullish options related to Tesla saw big gains on Monday. For example, the $280 strike call option expiring this Friday soared 780%. $TSLA 20250328 280.0 CALL$
Source: Tiger Trade App
Unusual Options Activity
Source: Market Chameleon
Nike stock saw unusual options activities as the world's leading sportswear company posted yet another quarter of declining revenue and profits and told investors that things would get worse in the fiscal fourth quarter, the current period.
The quarter marked Nike's fourth straight period of declining revenue as sales fell 9% to $11.3 billion, dragging earnings per share down to $0.54, well below the $0.98 it reported after adjustments in the quarter a year ago.
While the results were ahead of analyst estimates, investors were unimpressed by the quarter. The stock hit a five-year low and was down 5% in Friday afternoon trading. Excluding the pandemic crash, the stock was trading at its lowest point since 2018, underscoring the crisis the business now finds itself in.
A total number of 191,171 options related to Nike was traded on Monday, of which 61% were call options. Market sentiment for Nike is quite bearish based on option delta volume, traders slod a net equivalent of 81,981 shares of Nike stock.
Source: Market Chameleon
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Top 10 bullish stocks: PLTR; MO; TSLA; INTC; FCX; AMZN; MU; FSLR; DLTR; AMD
Top 10 bearish stocks: AAPL; C; F; XOM; CVX; BA; DAL; ORCL; SMCI; COF
Source: Market Chameleon
Based on option delta volume, traders bought a net equivalent of 655,896 shares of Palantir stock. The largest bullish delta came from buying calls. The largest delta volume came from the 28-Mar-25 Call, with traders getting short 108,384 deltas on the single option contract.
Source: Market Chameleon
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