Market Overview
Wall Street started off September on a sharply lower note on Tuesday (Sept. 2) as investors weighed the future of President Donald Trump's tariffs after a federal appeals court ruled most of his sweeping tariffs illegal.
Regarding the options market, a total volume of 47,701,163 contracts was traded, down 21% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, VIX, OPEN, PLTR, AAPL, AMD, BABA, HOOD, AMZN
Source: Tiger Trade App
Nvidia shares fell 2% to $170.78 on Tuesday, a fourth straight negative session that took it below its 50-day moving average of $171.06. Breaking under this closely watched level is seen as a negative sign of near-term momentum trends.
There are 2.93 million Nvidia option contracts traded on Tuesday, down 41% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $175 strike call option expiring September 5, with 187,138 contracts trading. NVDA 20250905 175.0 CALL
Opendoor shares surged 14.3% on Tuesday, after the investor largely responsible for kicking off Opendoor's original meme rally appeared on Yahoo! Finance's show "Opening Bid" last Thursday and called the company the "Uber of real estate." Opendoor, recently at the center of a meme stock craze, was also one of retail investors’ favorites heading into September, according to JPMorgan’s data.
There are 979.84K Opendoor option contracts traded on Tuesday, down 5% from the previous trading day. Call options account for 74% of overall option trades. Particularly high volume was seen for the $5 strike call option expiring September 5, with 133,455 contracts trading. OPEN 20250905 5.0 CALL
Unusual Options Activity
Source: Market Chameleon
Gold extended a six-day rally to print a fresh all-time high, as the prospect of US interest-rate cuts boosted the metal’s appeal and traders sought safety following a selloff in equity and bond markets. SPDR Gold Shares (GLD) gained 2.4% on Tuesday.
There are 1 million GLD option contracts traded on Tuesday, up 336% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $330 strike call option expiring September 12, with 63,470 contracts trading. GLD 20250912 330.0 CALL
NIO stock rose 3.1% on Tuesday as the Chinese electric-vehicle maker narrowed its operating loss amid an ongoing industry price war.
There are 407.82K NIO option contracts traded on Tuesday, up 181% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $6.5 strike call option expiring September 5, with 42,294 contracts trading. NIO 20250905 6.5 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 494,958 shares of Tesla stock. The largest bullish delta came from buying calls. The largest delta volume came from the 05-Sep-25 332.50 Call, with traders getting long 117,879 deltas on the single option contract. TSLA 20250905 332.5 CALL
Top 10 bullish stocks: TSLA, PLTR, PG, PCG, NVDA, AVGO, AMD, XOM, CNC, PSKY
Top 10 bearish stocks: VZ, TGT, INTC, PEP, KHC, KO, UPS, F, WMT; BMY
Source: Market Chameleon
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