Market Overview

The Dow and S&P 500 eased on Thursday (Aug. 7), as shares of Eli Lilly dropped after data from its oral weight loss drug disappointed, while the Nasdaq eked out a record closing high.

Regarding the options market, a total volume of 57,042,998 contracts was traded, up 14% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, AAPL, AMD, TSLA, PLTR, MSTR, AMZN, HOOD, VIX, INTC

Source: Tiger Trade App

Apple climbed 3.2% to more than $220 on Thursday, extending Wednesday’s 5%. Trump announced on Wednesday that Apple will invest an additional $100 billion in the U.S., a move that could help it sidestep potential tariffs on iPhones.

There are 1.95 million Apple option contracts traded on Thursday, down 8% from the previous trading day. Call options account for 67% of overall option trades. Particularly high volume was seen for the $220 strike call option expiring August 8, with 187,781 contracts trading. AAPL 20250808 220.0 CALL

Chip stocks climbed on Thursday after President Trump said he'll exempt companies from his planned semiconductor tariffs if they have committed to making their chips in the US. Leading AI chipmaker Nvidia stock 0.8%. Shares of rival AMD rose 5.7%.

There are 1.72 million AMD option contracts traded on Thursday, down 16% from the previous trading day. Call options account for 63% of overall option trades. Particularly high volume was seen for the $170 strike put option expiring August 8, with 123,966 contracts trading. AMD 20250808 170.0 PUT

Intel shares slipped 3.1% on Thursday after US President Donald Trump called for the chipmaker’s CEO to step down.

There are 553.08K Intel option contracts traded on Thursday, up 126% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $20 strike put option expiring August 8, with 30,313 contracts trading. INTC 20250808 20.0 PUT

Unusual Options Activity

Source: Market Chameleon

Eli Lilly shares sank 14% on Thursday when the pharmaceutical firm reported disappointing results from a late-stage study of its experimental obesity pill. The news offset Lilly's strong quarterly results.

There are 358.26K Eli Lilly option contracts traded on Thursday, up 337% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $760 strike put option expiring August 8, with 9,551 contracts trading. LLY 20250808 760.0 PUT

Nebius shares surged 18.6% on Thursday after the Nvidia-backed cloud provider posted a huge jump in revenue and upped its growth forecast. The report adds to a recent rally for Nebius stock.

There are 348.46K Nebius option contracts traded on Thursday, up 154% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $61 strike put option expiring August 15, with 30,974 contracts trading. NBIS 20250815 61.0 PUT

TOP 10 S&P 500 Bullish & Bearish

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 402,972 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 08-Aug-25 185 Call, with traders getting short 382,313 deltas on the single option contract. NVDA 20250808 185.0 CALL

Top 10 bullish stocks: NVDA, ACN, BA, CAG, XYZ, F, TTD, WFC, AEP, PLTR

Top 10 bearish stocks: UNH, AMZN, AMD, BRK.B, CRM, VRTX, LULU, TSLA, CMG; LLY

Source: Market Chameleon

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