Market Overview

U.S. stocks ended mixed on Wednesday (June 4), with the benchmark S&P 500 flat, the technology-heavy Nasdaq Composite slightly up and the Dow Jones Industrial Average down as weak data revealed the economic toll taken by President Donald Trump's trade policies.

Regarding the options market, a total volume of 41,845,343 contracts was traded.

Top 10 Option Volumes

Top 10: Nvidia, Tesla, Apple, Palantir, CoreWeave, Meta, Applied Digital, CBOE Volatility Index, AMD, Amazon

Tesla Motors stock slipped 3.6% on Wednesday after more weak sales data and as a public disagreement between CEO Elon Musk and President Donald Trump escalated.

There are 2.13 million Tesla Motors option contracts traded on Wednesday. Call options account for 60% of overall option trades. Particularly high volume was seen for the $350 strike call option expiring June 6, with 90,652 contracts trading. $TSLA 20250606 350.0 CALL$

CoreWeave, Inc. shares gained about 8% on Wednesday after the cloud computing firm reported record-breaking performance results using NVIDIA's latest Grace Blackwell chips.

In partnership with Nvidia and IBM, CoreWeave ran 2,496 GB200 GPUs on its AI-focused cloud platform to complete the industry's largest-ever MLPerf Training v5.0 submission. The benchmarked cluster was over 30 times larger than that of the only other cloud provider participant.

There are 703.46K CoreWeave, Inc. option contracts traded on Wednesday. Call options account for 63% of overall option trades. Particularly high volume was seen for the $140 strike put option expiring June 6, with 25,683 contracts trading. $CRWV 20250606 140.0 PUT$

Unusual Options Activity

APPLIED DIGITAL CORP stock rose 29% on Wednesday. B. Riley reiterated a buy rating on Applied Digital and delivered a huge price-target increase for the stock. The investment firm raised its one-year price forecast from $8 per share to $15 per share following news that Applied Digital has signed a large contract with CoreWeave.

There are 528.65K APPLIED DIGITAL CORP option contracts traded on Wednesday. Call options account for 79% of overall option trades. Particularly high volume was seen for the $13 strike call option expiring June 6, 2025, with 45,899 contracts trading. The $13 strike call option expiring this Friday surged 1186% on Wednesday. $APLD 20250606 13.0 CALL$

TOP Bullish & Bearish Single Stocks

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 sold a net equivalent of -3,604,462 shares of CoreWeave, Inc. stock. The largest bearish delta came from selling calls. The largest delta volume came from the 20-Jun-25 20 Call, with traders getting short 748,503 deltas on the single option contract.

Top 10 bullish stocks: Applied Digital, B2Gold, Mara Holdings, BigBear.ai, Recursion Pharmaceuticals, Rivian, Core Scientific, Meta, Cipher Mining, Amazon

Top 10 bearish stocks: CoreWeave, Par Pacific, US Steel, Nio, Sibanye, Paramount Global, Webull, AMD, Unity, Alphabet

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