The S&P 500 and the Nasdaq posted record closing highs on Thursday after news reports said the U.S. and Iran had reached a draft agreement to extend their ceasefire for 60 days, while investors also digested key inflation data.
Regarding the options market, a total volume of 61,633,779 contracts was traded, of which 62% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, MSFT, ONDS, PLTR, MU, MSTR, HOOD, AAPL, META
Source: Tiger Trade App
Microsoft shares rose 3.47% on Thursday to $426.99. Microsoft will unveil a suite of new homegrown AI models next week at its annual "Build" conference for developers in San Francisco, including a coding model to boost the usage of its GitHub Copilot tool, the Information reported on Thursday.
Additionally, The Pentagon on Wednesday announced a five-year, $9.69 billion agreement to consolidate Microsoft and other enterprise software licenses scattered across the military services, the intelligence community, and the U.S. Coast Guard into a single contract vehicle, officials said.
There are 1.2 million Microsoft option contracts traded on Thursday, of which call options account for 82% of overall option trades.
Recent activity in the options market for Microsoft has turned notably aggressive, with institutional investors placing a series of multi-million-dollar bullish trades over the past two sessions. Several block trades exceeding $10 million in notional value were recorded, pointing to a clear upside bias.
The flow was dominated by large-scale call buying, accompanied by a limited amount of out-of-the-money call selling. No meaningful put accumulation was observed. Overall positioning suggests a constructive outlook on the stock, with longer-dated bullish call spreads reinforcing expectations for further upside over the medium to long term.
One notable trade involved the June 26, 2026 $440 call option, which remains out of the money. A total of 9,889 contracts were bought at a premium of $9.10 per contract, representing approximately $9.0 million in premium outlay. The trade suggests investors are positioning for the stock to break above the $440 level in the near term.
Source: Tiger Trade App
Unusual Options Activity
Snowflake shares closed at $239.20, surging 36.48% on the session.
Following the sharp rally, attention quickly shifted to the options market, where several notable block trades emerged over the past two sessions. Among them, a nearly $2.83 million bullish wager in longer-dated call options stood out, signaling strong upside expectations.
One prominent trade involved the purchase of 3,900 out-of-the-money call contracts expiring on July 17, 2026, with a strike price of $290. The contracts traded at a weighted average premium of about $7.25, bringing the total premium paid to approximately $2.83 million.
Source: Tiger Trade App
The transaction represents a classic longer-dated directional leverage bet, suggesting that investors are positioning for Snowflake shares to break above the $290 level before mid-July.