Market Overview

All three major U.S. stock indexes posted record closing highs again on Tuesday (Oct. 28) as Nvidia shares gained following news it will build artificial intelligence supercomputers for the U.S. energy department, and as investors were optimistic about corporate earnings ahead of key results from megacaps this week.

Regarding the options market, a total volume of 59,524,815 contracts was traded, up 1% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, SOFI, INTC, ASST, BYND, NOK, PYPL, VIX, AMD

Source: Tiger Trade App

Nvidia was on the verge of becoming the first company worth $5 trillion on Tuesday after the heavyweight chipmaker said it had $500 billion in bookings for its artificial intelligence processors and that it will build seven new supercomputers for the U.S. Department of Energy.

Nvidia's stock closed almost 5% higher, adding over $230 billion in market value, bringing its total value to $4.89 trillion after briefly touching $4.94 trillion.

There are 5.15 million Nvidia option contracts traded on Tuesday, up 68% from the previous trading day. Call options account for 76% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring October 31, with 371,004 contracts trading. NVDA 20251031 200.0 CALL

SoFi Technologies raised its annual profit forecast above Wall Street estimates on Tuesday after a surge in fee-based revenue fueled record third-quarter results for the financial technology major. Shares of the company jumped 5.5% after the results.

There are 1.42 million SoFi option contracts traded on Tuesday, up 50% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring October 31, with 83,507 contracts trading. SOFI 20251031 30.0 CALL

Unusual Options Activity

Source: Market Chameleon

Nokia announced on Tuesday that Nvidia is taking a $1 billion stake in the networking company, the latest partnership for the artificial intelligence chipmaker. Shares of Nokia soared 22.8% higher following the news.

There are 930.28K Nokia option contracts traded on Tuesday, up 1449% from the previous trading day. Call options account for 84% of overall option trades. Particularly high volume was seen for the $8 strike call option expiring October 31, with 110,244 contracts trading. NOK 20251031 8.0 CALL

PayPal topped Wall Street’s expectations for earnings and revenue in the third quarter and raised its guidance for the year, citing “broad-based profitable growth” across its various lines of business. There was even more to digest from Tuesday’s report, including a dividend and a partnership with OpenAI. PayPal shares gained 3.9% on Tuesday.

There are 729.23K PayPal option contracts traded on Tuesday, up 117% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $80 strike call option expiring October 31, with 69,131 contracts trading. PYPL 20251031 80.0 CALL

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 1,188,972 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 21-Nov-25 180 Call, with traders getting long 709,679 deltas on the single option contract. NVDA 20251121 180.0 CALL

Top 10 bullish stocks: NVDA, AAPL, INTC, T, NCLH, AMZN, GM, WDC, AVGO, MSFT

Top 10 bearish stocks: QCOM, BMY, PFE, KVUE, HPE, UNH, WMT, CNC, NKE; COIN

Source: Market Chameleon

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