U.S. stocks fell on Wednesday(May 29) amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve.
Regarding the options market, a total volume of 35,301,787 contracts was traded on Wednesday.
Top 10 Option Volumes
Top 10: $SPDR S&P 500 ETF Trust(SPY)$ ; $Invesco QQQ(QQQ)$ ; $NVDA(NVDA)$; $iShares Russell 2000 ETF(IWM)$ ; $TSLA(TSLA)$; $American Airlines(AAL)$ ; $AAPL(AAPL)$; $iShares 20+ Year Treasury Bond ETF(TLT)$ ; $AMD(AMD)$; $Industrial Select Sector SPDR Fund(XLI)$
Airline stocks declined, led by American Airlines which declined 13.5% after the company cut its second-quarter profit forecast.
A total number of 970.4K options related to AAL shares was traded, six times higher from the previous trading day. Put options account for 78% of overall option trades. A particularly high trading volume was seen for the $10 strike put option expiring Sep 20, 2024, with a total number of 238,881 option contracts trading.$AAL 20240920 10.0 PUT$
Unusual Options Activity
Shares of electric-vehicle startup Faraday Future Intelligent Electric Inc. plunged 62% on Wednesday. That marked Faraday Future’s largest single-day decline on record, based on available data going back to Aug. 28, 2020, according to Dow Jones Market Data. The stock, which ended the session at 44 cents, also registered its lowest close since May 14, when it closed at 29 cents.
A total number of 368,277 options related to FFIE shares was traded, 2 times higher from the previous trading day. Put options account for 50% of overall option trades. A particularly high trading volume was seen for the $0.5 strike put option expiring this Friday, with a total number of 75,579 option contracts trading.$FFIE 20240531 0.5 PUT$
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.
Based on option delta volume, traders bought a net equivalent of 1,193,560 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Sep-24 950 Call, with traders getting short 385,956 deltas on the single option contract.$NVDA 20240920 950.0 CALL$
Top 10 bullish stocks: NVDA, VLO, HPE, KVUE, DAL, NFLX, SLB, MU, UBER, CRM
Top 10 bearish stocks: AAPL, AAL, GS, AMZN, BAC, F, AMD, GOOGL, CVS, META
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$(FFIE)$ $(AAL)$ $(NVDA)$
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