Market Overview

Wall Street's major indexes closed sharply lower on Monday (July 7), after U.S. President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new U.S. political party.

Regarding the options market, a total volume of 44,044,514 contracts was traded, up 13% from the previous trading day.

Top 10 Option Volumes

Top 10: TSLA, NVDA, AAPL, PLTR, CORZ, AMZN, VIX, SOFI, AMD, WOLF

Source: Tiger Trade App

The S&P 500's biggest drag came from shares of electric vehicle maker Tesla, which dived 6.8%, after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with Trump. It was Tesla's biggest daily slide since June 5, and its lowest closing level since that session.

There are 2.37 million Tesla option contracts traded on Monday, up 23% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $290 strike put option expiring July 11, with 93,795 contracts trading. TSLA 20250711 290.0 PUT

SoFi Technologies shares gained 3.6% on Monday, briefly hitting a new 52-week high of $19.29, driven by strong growth guidance and crypto expansion plans.

There are 502.01K SoFi option contracts traded on Monday, up 61% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring July 11, with 48,342 contracts trading. SOFI 20250711 20.0 CALL

Unusual Options Activity

Source: Market Chameleon

Artificial intelligence-oriented cloud infrastructure company CoreWeave said Monday it will acquire Core Scientific, a data center infrastructure provider, in an all-stock deal valued at approximately $9 billion. CoreWeave stock fell 3.3% on Monday, while Core Scientific stock sank 17.6%. The selloff and discount can be attributed to numerous factors. The market is likely unhappy that they are not getting a cash deal as previously expected, and the all-stock deal creates more volatility.

There are 599.17K Core Scientific option contracts traded on Monday, up 250% from the previous trading day. Call options account for 79% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring July 11, with 29,288 contracts trading. CORZ 20250711 20.0 CALL

Wolfspeed stock soared 95.8% on Monday after the company named Gregor van Issum as its new CFO, effective September 1. The move comes as the silicon carbide leader is undergoing a major financial restructuring to slash debt and reposition for long-term growth.

There are 429.03K Wolfspeed option contracts traded on Monday, up 133% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $1 strike put option expiring July 11, with 27,454 contracts trading. WOLF 20250711 1.0 PUT

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 374,112 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 11-Jul-25 162.50 Call, with traders getting short 175,773 deltas on the single option contract. NVDA 20250711 162.5 CALL

Top 10 bullish stocks: NVDA, UBER, PLTR, BAC, APA, DAL, FSLR, CCL, COIN, KVUE

Top 10 bearish stocks: ORCL, GOOGL, UNH, AMZN, AAPL, NKE, SMCI, IBM, F; TSLA

Source: Market Chameleon

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