Option Movers｜Meta's Volume Surges 5 Times; Palantir Sees 80% Call Options

Market Overview

Wall Street stock indexes closed firmer on Friday(Jul 5), with the tech-heavy Nasdaq and benchmark S&P 500 hitting record highs, as new data showing U.S. labor market weakness boosted expectations for interest rate cuts as early as September.

Regarding the options market, a total volume of 43,845,563 contracts was traded, up 41% from the previous trading day.

Top 10 Option Volumes

Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $Meta Platforms, Inc.(META)$, $AMZN(AMZN)$, $Palantir Technologies Inc.(PLTR)$; $SIRI(SIRI)$, $Intel(INTC)$ , $Microsoft(MSFT)$

Source: Tiger Trade App

$Meta Platforms, Inc.(META)$ also scored an all-time closing high, gaining around 5.9% to push the information technology sector to a record high.

There are 992.4K Meta option contracts traded on Friday, five times higher from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $550 strike call option expiring July 12, with 33,042 contracts trading. $META 20240712 550.0 CALL$

Unusual Options Activity

Source: Market Chameleon

$Palantir Technologies Inc.(PLTR)$ shares jumped over 5% on Friday trading as Cathie Wood-led Ark Invest scooped up a hefty stake in it on Tuesday.

There are 673.75K Palantir option contracts traded on Friday, three times higher from the previous trading day. Call options account for 80% of overall option trades. Particularly high volume was seen for the $28 strike call option expiring July 12, with 31,244 contracts trading. $PLTR 20240712 28.0 CALL$

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 sold a net equivalent of -5,857,888 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 05-Jul-24 225 Call, with traders getting short 9,708,121 deltas on the single option contract.

Source: Market Chameleon

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