Wall Street's three major indexes closed higher on Wednesday(Mar 6) as economic data and comments from Federal Reserve Chair Jerome Powell reinforced expectations that the U.S. central bank would reduce its benchmark interest rate this year.
Regarding the options market, a total volume of 46,376,081 contracts was traded on Wednesday, up 1% from the previous trading day.
Top 10 Option Volumes
Top 10: SPY; QQQ; S&P 500 ; TSLA; NVDA; AAPL; Palantir Technologies Inc. ; Advanced Micro Devices; IWM; SoFi Technologies Inc.
Palantir Technologies was up 9.9% after winning a $178.4 million contract from the U.S. Army for a project known as TITAN, an acronym for Tactical Intelligence Targeting Access Node, mobile ground stations powered by artificial intelligence and machine-learning technology.
A total number of 1.52M options related to Palantir was traded on Wednesday, 4 times higher than the previous trading day, of which 83% were call options. Particularly high volume was seen for the $26 strike call option expiring Mar 8, with 77,037 contracts trading.$PLTR 20240308 26.0 CALL$
Unusual Options Activity
U.S.-listed shares of JD.com jumped 16.2% after the Chinese online retailer reported fiscal fourth-quarter adjusted earnings and revenue that beat analysts’ estimates and announced a new buyback program of up to $3 billion.
A total number of 314,510 options related to JD.com was traded on Wednesday, up 39% from the previous trading day, of which 76% were call options. Particularly high volume was seen for the $25 strike call option expiring Mar 8, with 20,543 contracts trading.$JD 20240308 25.0 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 bought a net equivalent of 2,088,228 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 08-Mar-24 885 Call, with traders getting long 729,408 deltas on the single option contract.$NVDA 20240308 885.0 CALL$
Top 10 bullish stocks: NVDA, BAC, GOOGL, VZ, INTC, MS, XEL, GOOG, KR, ETN
Top 10 bearish stocks: AAPL, TSLA, AMZN, KMB, MSFT, PANW, PYPL, AAL, HES
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