Last Friday (May 29), the three major U.S. stock indexes closed higher. At the close, the S&P 500 index rose 0.22% to 7,580.06 points; the Nasdaq Composite Index rose 0.2% to 26,972.62 points; and the Dow Jones Industrial Average rose 0.72% to 51,032.46 points.
The total trading volume in the options market was 75,691,265 contracts, with call options accounting for 65%.
Top 10 Option Volumes
Microsoftrallied over 5% in the previous trading session, with options volume reaching 1.76 million contracts—a 2.1x surge above its 90-day average. Call options expiring on May 29 with a $445 strike price saw particularly heavy trading, notching 142,010 contracts.
In the early hours of Saturday (Beijing Time), Microsoft and Nvidia almost simultaneously began teasing a mysterious new product set to debut next week via social media posts.
Pavan Davuluri, Microsoft’s Executive Vice President of the Windows and Surface hardware division, shared a photo appearing to show the edge of a curved screen. He captioned it, "New for developers is coming," expressing anticipation for meeting everyone at next week’s Build conference.
For context, Microsoft will hold its annual Build developer conference in San Francisco from June 2 to 3. While capital markets are primarily focused on the software giant’s progress in self-developed AI—especially following the redefinition of its partnership with OpenAI—it now appears that the hardware division also has noteworthy developments in store.
Davuluri specifically clarified that the upcoming product "is not a new operating system," effectively ruling out a Windows 12 launch next week.
MicronTechnologysurged over 5% in the previous trading session, with 1.29 million options contracts changing hands—more than triple its 90-day average volume. Call options expiring on May 29 with a $1,000 strike price saw particularly heavy trading, notching 82,449 contracts.
Micron remains one of the hottest names in tech. JPMorgan noted in a recent research report that retail buying of memory chip stocks is "persistent and elevated," with no signs of profit-taking. The bank’s latest findings show retail investors continuing to pile into memory names like Micron and SK hynix, even after both companies surpassed the $1 trillion market cap milestone.
Goldman Sachs and several other institutions have also recently turned bullish on the memory sector.
Unusual Options Activity
$PalantirTechnologiesInc.(PLTR)surged over 9% in the previous trading session, with options volume reaching 1.57 million contracts—a 2.5x surge above its 90-day average. Call options expiring on May 29 with a $155 strike price saw particularly heavy trading, notching 101,782 contracts.
SoFiTechnologiesjumped over 7% in the previous trading session, with options volume reaching 1.04 million contracts—a 2.6x surge above its 90-day average. Call options expiring on May 29 with a $19 strike price saw particularly heavy trading, notching 57,843 contracts.
