Market Overview

U.S. stocks closed a choppy session little changed on Thursday(May 22), erasing initial declines as Treasury yields eased off recent highs after the House of Representatives passed U.S. President Donald Trump's tax and spending bill.

Regarding the options market, a total volume of 48,418,993 contracts was traded.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, Alphabet, Cboe Volatility Index, PLTR, MSTR, GameStop, Amazon.com , D-Wave Quantum Inc.

Source: Tiger Trade App

GameStop Corpshares surged 10% to $30.86 on Thursday, despite a lack of company-specific news for the session. The rally is potentially being driven by renewed retail enthusiasm and rising crypto market momentum asBitcoinhit arecord highabove $111,000. GameStop's strategic pivot toward digital assets earlier this year could be a focal point as well.

There are 621.12K GameStop option contracts traded on Thursday, up 177% from the previous trading day. Call options account for 81% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring May 23, with 62,753 contracts trading. $GME 20250523 30.0 CALL$

Unusual Options Activity

Source: Market Chameleon

D-Wave Quantum stock jumped 24% on Thursday. The company on Tuesday had unveiled its newest quantum computer.

There are 517.96K D-Wave option contracts traded on Thursday, up 64% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring Jun 20, with 18,631 contracts trading. $QBTS 20250620 30.0 CALL$

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 804,765 shares of Palantir Technologies Inc. stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Jun-25 130 Call, with traders getting long 78,166 deltas on the single option contract.

Top 10 bullish stocks: PLTR, TSLA, GE, COIN, CL, TGT, UNH, WBD, META, AES

Top 10 bearish stocks: GOOG, AAPL, GOOGL, AMD, NVDA, CSCO, FI, INTC, UPS, GM

Source: Market Chameleon

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