A late rally helped the S&P 500 snap a four-session losing skid on Thursday with investor focus turning to a key report on the labor market on Friday.
The Dow Jones Industrial Average rose 145.99 points, or 0.46%, to 31,656.42; the S&P 500 gained 11.85 points, or 0.30%, to 3,966.85; and the Nasdaq Composite dropped 31.08 points, or 0.26%, to 11,785.13.
Options Broad View
A total volume of 39,468,323 contracts are traded on Thursday, up 15% from the previous day. Call options account for 50% of total options trades.
There are 7.34 million $SPDR S&P500 ETF Trust(SPY)$ options traded on Thursday. Call options account for 42% in overall option trades. Particularly high volume was seen for the $390 strike put option expiring September 2, with 404,392 contracts trading on Thursday.
Top 10 Option Volumes
Top 10:$SPY(SPY)$, $QQQ(QQQ)$, $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $IWM(IWM)$, $AMZN(AMZN)$, $AMD(AMD)$, $HYG(HYG)$, $VIX(VIX)$
Options related to equity index ETFs are still top choices for investors, with 2.93 million $Invest QQQ Trust ETF(QQQ)$ options contracts trading on Thursday. Total trading volume for SPY and QQQ decrease 5% and increase 14%, respectively, from the previous day.
Source: Tiger Trade APP
U.S. chip stocks tumbled on Thursday, with the main semiconductor index down after Nvidia and Advanced Micro Devices said U.S. officials told them to stop exporting cutting-edge processors for artificial intelligence to China. Nvidia's stock plummeted 7.7% and AMD shares fell almost 3% on Thursday.
There are 1.63 million $Nvidia(NVDA)$ option contracts traded on Thursday. Put options account for 54% of overall option trades. Particularly high volume was seen for the $135 strike put option expiring September 2, with 61,718 contracts trading on Thursday.
Regarding $AMD(AMD)$, a total volume of 746.7K option contracts is traded on Thursday. Put options account for 53% of overall option trades. Particularly high volume was seen for the $80 strike put option expiring September 2, with 40,647 contracts trading on Thursday.
Total options volume related to $Cboe Volatility Index(VIX)$ also saw an increase on Thursday. There are 626.4K VIX option contracts traded on Thursday. Particularly high volume was seen for the $40 strike call option expiring September 21, with 27,978 contracts trading on Thursday.
Known as Wall Street's "fear gauge," the index is supposed to reflect the market's estimate of future volatility — or how fast prices will change — 30 days out.
An elevated VIX means increased fear and risk while a low VIX means the market is entering a less stressful period. That's why the VIX tends to move in the opposite direction of the market.
Unusual Options Activity
Source: Market Chameleon
$3M Co(MMM)$ shares has fell nearly 12% since the industrial giant disclosed plans to spin off its healthcare business into a listed company. 3M also encountered a series of headwinds recently. The latest news is that the company plans to eliminate jobs as part of broad cost-cutting push and New earplug lawsuit seeks to block 3M healthcare spinoff.
3M's option trading also seen relatively large changes in succession recently. There are 530.6K option contracts traded on Thursday. Call options account for 55% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring September 16, with 269,043 contracts trading on Thursday, but the turnover was relatively small.
On the contrary, 3M saw a number of put orders with a turnover of more than $100 million on Thursday.
Source: Tiger Trade APP
$Okta(OKTA)$ shares shed 33.7% of their valueon Thursday after the identity and access management companyloweredits billings outlook for the rest of the year, with analysts noting "integration challenges" to its sales teamas the reason.
There are 210.5K Okta option contracts traded on Thursday. Call options account for 56% of overall option trades. Particularly high volume was seen for the $55 strike put option expiring September 2, with 14,855 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: $QQQ(QQQ)$, $IWM(IWM)$, $SPY(SPY)$, $BBBY(BBBY)$, $TLT(TLT)$, $META(META)$, $TSLA(TSLA)$, $XLF(XLF)$, $SQ(SQ)$, $AMD(AMD)$,
$Invest QQQ Trust ETF(QQQ)$ (QQQ) had the highest bullish wagers, with traders getting long 4.8M deltas on balance. $iShares Russell 2000 ETF(IWM)$ (IWM) and $SPDR S&P 500 ETF Trust(SPY)$ (SPY) also saw bullish option activities.
Source: Market Chameleon
Related to $Bed Bath & Beyond(BBBY)$ options trading was also active on on Thursday. There are 365.6K option contracts traded on Thursday. Call options account for 61% of overall option trades.
Top 10 bearish stocks: $AMZN(AMZN)$, $OXY(OXY)$, $UUP(UUP)$, $FMTX(FMTX)$, $SOFI(TSLA)$, $F(F)$, $AMC(AMC)$, $NIO(NIO)$, $SIMO(SIMO)$, $FUBO(FUBO)$
Oil headed for a steep weekly decline as concerns over weakening global demand, further progress toward an Iranian nuclear deal, and the dollar’s surge to a record combined to drive prices lower.
There are 149.1K $Occidental Petroleum(OXY)$ (OXY) option contracts traded on Thursday. Call options account for 63% of overall option trades. Particularly high volume was seen for the $67 strike put option expiring September 2, with 7,933 contracts trading on Thursday.
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