Wall Street ended sharply lower on Thursday, extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of the global recession.
The Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82, the S&P 500 lost 44.66 points, or 1.13%, to 3,901.35 and the Nasdaq Composite dropped 167.32 points, or 1.43%, to 11,552.36.
Options Broad View
A total volume of 38,250,837 contracts were traded on Thursday, up 1.59% from the previous day. Call options account for 51% of total options trades.
There are 7.85 million SPDR S&P 500 ETF Trust options traded on Thursday. Call options account for 45% in overall option trades. Particularly high volume was seen for the $390 strike put option expiring September 16, with 395,292 contracts trading on Thursday.
Top 10 Option Volumes
Top 10: SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Tesla Motors, Apple, Amazon.com, $iShares iBoxx High Yield Corporate Bond ETF, iShares Russell 2000 ETF, AMD, NVIDIA Corp, Meta Platforms, Inc.
Options related to equity index ETFs are still top choices for investors, with 2.75 million Invesco QQQ Trust options contracts trading on Thursday. Call options account for 38% in overall option trades. Total trading volume for SPDR S&P 500 ETF Trust and Invesco QQQ Trust decrease1.13% and4.84%, respectively, from the previous day.
Adobe crashed 16.79% after it agreed to buy collaboration-software company Figma for around $20 billion. It was the biggest deal in its history to acquire a small-but-fast-growing rival that the tech giant hopes can give it access to a broader group of customers.
Moreover, it reported a fiscal third-quarter net income of $1.14 billion and revenue of $4.43 billion, which was up 13% year-over-year. It also issued fourth-quarter revenue guidance that fell below Wall Street expectations, citing foreign-exchange challenges tied to the run-up in the U.S. dollar.
There are 218,801 option contracts traded on Thursday. Call options account for 52% of overall option trades. Particularly high volume was seen for the $310 strike put option expiring September 16, with 3,765 contracts trading on Thursday.
Netflix jumped 5.02% on Thursday, it estimated that an advertising-supported version of its streaming service would reach about 40 million viewers globally by the third quarter of 2023, according to a document that Netflix shared with ad buyers.
There are 441,625 option contracts traded on Thursday. Call options account for 56% of overall option trades. Particularly high volume was seen for the $240 strike call option expiring September 16, with 30,430 contracts trading on Thursday.
Roku Inc surged 7.99% on Thursday, it amended its severance benefit plan, in the event of a change in control, according to an 8-K filing late Wednesday, some investors believe that the new change-in-control language may mean that a takeover offer may be coming.
There are 134,778 option contracts traded on Thursday. Call options account for 58% of overall option trades. Particularly high volume was seen for the $75 strike call option expiring September 16, with 8,876 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: iShares 20+ Year Treasury Bond ETF, iShares Russell 2000 ETF, Invesco QQQ Trust, AMD, Wells Fargo, iShares China Large-Cap ETF, iShares MSCI Emerging Markets ETF, Transocean, Vale SA, Coeur Mining
Top 10 bearish stocks: Apple, SoFi Technologies Inc., SPDR S&P 500 ETF Trust, Palantir Technologies Inc., Tesla Motors, VanEck Gold Miners ETF, Snap Inc, Amazon.com, Ford, DraftKings Inc.
