U.S. stocks fell on Friday (May 23), notching a weekly loss, after President Donald Trump recommended 50% tariffs on European goods, reopening a new front in global trade tensions and unleashing a fresh wave of market uncertainty.

Regarding the options market, a total volume of 49,763,175 contracts was traded on Friday, call ratio rose to 58%.

Top 10 Option Volumes

Top 10: NVDA; TSLA; AAPL; MSTR; GME; PLTR; AMZN; MARA; VIX; OKLO

Source: Tiger Trade App

Apple shares fell 3% to $195.27 on Friday after President Donald Trump threatened the tech giant with a 25% tariff if it does not start producing iPhones in the U.S. — his latest salvo directly targeting a U.S. company over how it conducts its business.

In a post on his Truth Social platform Friday morning, Trump wrote he had "long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else."

"If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.," Trump said.

A total number of 1.65 million options related to Apple was traded on Friday, of which 54% were put options. A particularly high trading volume was seen for the $195 strike put option, with a total number of 236,888 option contracts traded as of Friday.

Source: Market Chameleon

Unusual Options Activity

Source: Market Chameleon

Oklo and other nuclear power companies closed higher on Friday after U.S. President Donald Trump signed executive orders seeking to jumpstart the industry. The orders direct the nation's independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants.

"Our confidence in the AI revolution data center buildout is increasing under the Trump administration, with nuclear energy ultimately playing a key role in powering data centers," Wedbush analysts said.

As for Oklo, Wedbush analysts in a research note Friday reiterated an Outperform rating on the stock and boosted their price target to $55 from $45, representing potential 12.5% upside to the current price.

A total number of 438,174 options related to Oklo was traded on Friday, of which 76% were call options. Bullish options related to Oklo saw big gains on Friday. For example, the $48 strike call option expiring this Friday soared 492%.

Source: Tiger Trade App

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: AAPL; AMD; BAC; AES; PLTR; AMZN; WFC; META; GE; AVGO

Top 10 bearish stocks: NVDA; TSLA; GOOGL; UNH; MU; COIN; PFE; WBA; PARA; WSM

Source: Market Chameleon

Based on option delta volume, traders sold a net equivalent of -670,275 shares of Nvidia stock. The largest bearish delta came from selling calls.

Source: Market Chameleon

If you are interested in options and you want to:

• Share experiences and ideas on options trading.

• Read options-related market updates/insights.

• Learn more about options trading if you are a beginner in this field.

Please click to join Tiger Options Club