Wall Street's main indexes posted gains on Thursday(Sep 9) mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month.
The Dow Jones Industrial Average rose 193.24 points, or 0.61%, to 31,774.52, the S&P 500 gained 26.31 points, or 0.66%, to 4,006.18 and the Nasdaq Composite added 70.23 points, or 0.6%, to 11,862.13.
Options Broad View
A total volume of 34,950,507 contracts were traded on Thursday, down 1% from the previous day. Call options account for 52% of total options trades.
There are 7.76 million SPDR S&P500 ETF Trust options traded on Thursday. Call options account for 40% of overall option trades. Particularly high volume was seen for the $400 strike call option expiring Sep 9, with 417,884 contracts trading on Thursday.
Top 10 Option Volumes
Top 10: SPY, QQQ, TSLA, AAPL, IWM, AMD, NVDA, AMZN, HYG, SNAP
Options related to equity index ETFs are still top choices for investors, with 2.49 million Invest QQQ Trust ETF(QQQ) options contracts trading on Thursday. Total trading volume for SPY and QQQ decline 2.8% and 8.7% respectively from the previous day.
Snap shares rose 9.34% on Thursday as investment firm Bank of America reiterated its buy rating on the camera company, noting that the positivity in Chief Executive Evan Spiegel's leaked memo is encouraging.
Evan Spiegel said he’s set on transforming his social media company -- not selling it -- after a tumultuous year in which the stock has plummeted 76%.
There are 468.6K Snap option contracts traded on Thursday. Call options account for 53% of overall option trades. Particularly high volume was seen for the $12 strike call option expiring Sep 9, with 32,247 contracts trading on Thursday.
Unusual Options Activity
Lyft stock finished the day up 16.9%, seemingly on rumors circulating about a potential buyout on Twitter and StockTwits, with GM as a possible buyer. The stock may also have been reacting favorably to New York's decision to end its mask mandate on transportation, which could help give the ridesharing operator a shot in the arm.
Lyft's option trading also seen relatively large changes. There are 348,188 option contracts traded on Thursday. Call options account for 67% of overall option trades. Particularly high volume was seen for the $18 strike call option expiring September 16, with 37,541 contracts trading on Thursday.
Shares of Rivian were up 11% to $36.88 during the regular trading session. Rivian has signed a memorandum of understanding with a Mercedes-Benz Group AG unit to partner on the production of electric vans, the companies said Thursday.
There are 258,837 Rivian option contracts traded on Thursday. Call options account for 71% of overall option trades. Particularly high volume was seen for the $38 strike call option expiring September 9, with 33,765 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: BAC, NKLA, DB, SOFI, BITO, EWZ, RIVN, XLF, OPEN, PBR
Top 10 bearish stocks: SPT, AAPL, BABA, XLE, GSAT, AAL, SLV, TSLA, NIO, F
