Wall Street ended sharply lower on Thursday(Sep.29) on worries that the Federal Reserve's aggressive fight against inflation could hobble the U.S. economy, and as investors fretted about a rout in global currency and debt markets.
The S&P 500 lost 77.83 points, or 2.09%, to end at 3,641.21 points, while the Nasdaq Composite lost 313.25 points, or 2.83%, to 10,738.39. The Dow Jones Industrial Average fell 455.19 points, or 1.53%, to 29,228.55.
Options Broad View
A total volume of 38,531,268 contracts were traded on Wednesday, down 5.29% from the previous day. Call options account for 50% of total options trades.
There are 8.68 million SPDR S&P 500 ETF Trust options traded on Thursday. Call options account for 42% in overall option trades. Particularly high volume was seen for the $360 strike put option expiring September 30, with 371,058 contracts trading on Thursday.
Top 10 Option Volumes
Top 10:SPY, QQQ,TSLA,AAPL,IWM, AMZN, AMD, TQQQ,VIX, NVDA
Options related to equity index ETFs are still top choices for investors, with 2.57 million Invesco QQQ Trust options contracts trading on Thursday. Call options account for 45% in overall option trades. Total trading volume for SPDR S&P 500 ETF Trust and Invesco QQQ Trust slid 11.7% and 30.73%, respectively, from the previous day.
Tesla Motors crashed 6.81% on Thursday, its main selling model in China, the Model Y, is expected to see a price cut of up to RMB 40,000 ($5,616), bringing the starting price of the rear-wheel drive version of the Model Y down to possibly RMB 270,000 to 290,000, according to local media. However, the company clarified that it was false.
Another important event for the company is that Elon Musk is set to unveil a prototype of the Tesla Bot on September 30th at Tesla's AI Day.
Its option contracts trading volume surged 64.63% to 2.42 million from the previous day, call options account for 52% of overall option trades. Particularly high volume was seen for the $270 strike put option expiring September 30, with 123,533 contracts trading on Thursday.
Apple dropped 4.91% on Thursday after Bank of America cut its rating to neutral from buy, warning of weaker consumer demand for its popular devices. The selloff erased roughly $120 billion from Apple’s market capitalization.
There are 2.42 million option contracts traded on Thursday. Call options account for 49% of overall option trades. Particularly high volume was seen for the $140 strike call option expiring September 30, with 135,713 contracts trading on Thursday.
Meta Platforms, Inc. slid 3.67% on Thursday as it told employees that it will be implementing a hiring freeze and will be taking more steps to reduce the company's costs.
There are 435,000 option contracts traded on Thursday. Call options account for 59% of overall option trades. Particularly high volume was seen for the $140 strike call option expiring September 30, with 29,931 contracts trading on Thursday.
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: SPY, QQQ, IWM, MPW, SQQQ, GM, PCG, HYG, TWTR, ARKW
Top 10 bearish stocks: AAPL, AMD, KOS, TQQQ, VRM, XLF, TSLA, GME, F, WISH
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