The S&P 500 and the Nasdaq surged to record-high closes on Wednesday(May 6), buoyed by signs of a resolution in the Middle East conflict, while strong earnings from Advanced Micro Devices sparked a rally in chipmakers and other AI-related stocks.
Regarding the options market, a total volume of 68,865,290 contracts was traded, up 26% from the previous trading day.
Top 10 Option Volumes
Source: Tiger Trade App
NVIDIA shares climbed 6% on Wednesday following the announcement of a significant strategic partnership with Corning. The collaboration involves constructing three new state-of-the-art manufacturing facilities in North Carolina and Texas, focused on producing optical connectivity solutions for AI infrastructure.
There are 4.9M option contracts traded on Wednesday, up 145% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $210 strike call option expiring May 8, with 195,798 contracts trading. $NVDA 20260508 210.0 CALL$
Unusual Options Activity
Source: Market Chameleon
Advanced Micro Devices stock spiked 19% Wednesday after the chip maker reported solid first-quarter earnings results. Data-center sales rose 57% in the latest quarter, though operating margin of 28% in the segment came in below Wall Street expectations.
There are 1.33M option contracts traded on Wednesday, up 101% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $400 strike put option expiring May 8, with 39,893 contracts trading. $AMD 20260508 400.0 PUT$
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