Market Overview
The S&P 500 and Nasdaq finished June on Tuesday (June 30) with their biggest quarterly gains since 2020 as investors remained upbeat about economic and earnings growth even amid the Middle East conflict.
Regarding the options market, a total volume of 55,383,085 contracts was traded, down 11% from the previous trading day.
Top 10 Option Volumes
Top 10: TSLA, NVDA, AAPL, INTC, AMZN, SPCX, Cboe VIX, MU, MSTR, MSFT
Source: Tiger Trade App
NVIDIA stockclosed up 2.6% to $200.09. The stock is up 7.3% this year. However, it lags far behind the 101% gain for the PHLX Semiconductor Index for the same period. The chip maker is looking to its next-generation hardware to spark a rally.
There are 2.18M Nvidia option contracts traded on Tuesday, down 27% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring July 1, with 266,837 contracts trading. Broad bullish sentiment runs high. NVDA 20260701 200.0 CALL
Micron Technology closed up 0.8% at $1,154.29 and traded as high as $1,168.68 intraday, up 2% on Tuesday. The stock gained 241.7% in April, May, and June for a record-setting quarter, according to FactSet.
There are 532.98K Micron Technology option contracts traded on Tuesday, down 31% from the previous trading day, as a portion of speculative traders took profits and stayed on the sidelines. Call options account for 53% of overall option trades. Particularly high volume was seen for the $1150 strike call option expiring July 2, with 23,297 contracts trading. MU 20260702 1150.0 CALL
Unusual Options Activity
Source: Market Chameleon
Nike were down 1.04% on Tuesday following the company's release of quarterly results. Nike earned 20 cents a share, excluding a 52 cent benefit related to the expected recovery of import tariffs, on revenue that fell 1.1% from the year-ago period to $10.97 billion. Consensus called for Nike to earn 12 cents a share on revenue of $10.85 billion.
There are 416,596 Nike option contracts traded on Tuesday, up 230% from the previous trading day, speculative activity exploded post-earnings. Call options account for 47% of overall option trades. Particularly high volume was seen for the $37 strike put option expiring July 2, with 21,270 contracts trading. NKE 20260702 37.0 PUT
Verizon, a wireless carrier and enterprise connectivity provider, closed at $42.34, down 3.99%. On Tuesday, shares fell after the Dow Jones Industrial Average removal and restructuring-charge headlines, while investors are watching profitability and the BT joint venture.
There are 119,456 Verizon option contracts traded on Tuesday, down 35% from the previous trading day. Call options account for 49% of overall option trades. Particularly high volume was seen for the $42.5 strike put option expiring July 17, with 7,646 contracts trading. Short-term bearish speculators piled into this put contract and fueled its sharp rally. VZ 20260717 42.5 PUT
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