Market Overview
Wall Street's three main indexes closed slightly higher after Thursday's(May 21) choppy session as oil prices lost ground, with some officials citing progress in U.S.-Iran peace talks even as both sides took opposing stances over Tehran's uranium stockpile and control of the Strait of Hormuz.
Regarding the options market, a total volume of 59,659,148 contracts was traded, up 16% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AAPL, MU, MSFT, INTC, AMZN, MSTR, VIX, AMD
Source: Tiger Trade App
Shares of NVIDIA, the world's most valuable company, fell 1.8% on Thursday as some investors took profits after the AI heavyweight's upbeat second-quarter revenue forecast and $80 billion share-repurchase program. Its stock has gained sharply so far this year but the pace of growth has slowed as investors believe Nvidia will face tougher competition from chip rivals including Intel and Advanced Micro Devices going forward. However, the Philadelphia Semiconductor Index finished up 1.3% as investors viewed Nvidia's results as a positive sign for the group.
There are 4.55 million Nvidia option contracts traded on Thursday, up 54% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $225.0 strike call option expiring May 22, with 268,311 contracts trading. NVDA 20260522 225.0 CALL
Micron Technology jumped 4% on Thursday, driven by favorable industry trends and bullish analyst sentiment. A key catalyst is surging demand for High Bandwidth Memory (HBM), which is critical to AI infrastructure. Additionally, several leading analysts have recently lifted Micron's price target and reaffirmed positive ratings, fueling its upward momentum.
There are 675.39K Micron Technology option contracts traded on Thursday, up 46% from the previous trading day. Call options account for 59% of overall option trades. Particularly high volume was seen for the $800 strike call option expiring May 22, with 46,003 contracts trading. MU 20260522 800.0 CALL
Unusual Options Activity
Source: Market Chameleon
Wal-Mart shares tumbled 7.3% on Thursday after the largest global retailer forecast second-quarter profit below estimates and maintained its annual targets. CFO John David Rainey said consumers were feeling pressure from high fuel prices and that if the "elevated cost environment persists, we'd expect somewhat higher retail price inflation in Q2 and the second half of the year."
There are 388,018 Wal-Mart option contracts traded on Thursday, up 150% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $120 strike put option expiring May 22, with 15,857 contracts trading. WMT 20260522 120.0 PUT
IBM rose 12.4% on news that the Trump administration will fund a handful of quantum computing companies, including a new IBM venture, in exchange for stakes in some of the firms.
There are 269,160 IBM option contracts traded on Thursday, up 1513% from the previous trading day. Call options account for 84% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring May 22, with 23,120 contracts trading. IBM 20260522 250.0 CALL
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