Market Overview
The S&P 500 ended higher on Tuesday (July 28) as gains in Boeing and Coca-Cola helped offset tumbling chip stocks ahead of quarterly reports from Apple and other tech companies this week.
Regarding the options market, a total volume of 63,343,196 contracts was traded, of which 56% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AAPL, INTC, SPCX, MU, AMD, SOFI, AMZN, PLTR
Advanced Micro Devices closed at $454.62, down 8.15%. On the news front, the listing of Chinese DRAM giant CXMT triggered a global reassessment of memory supply dynamics, sparking fears over potential shifts in the DRAM competitive landscape. SK Hynix broke below its IPO price for the first time since its US listing.
A $3.80 million short 400.0 PUT expiring on 2026-08-07 was the single largest outright large trade of the session. With the stock at $454.62, the strike sat out of the money, and the seller collected premium on downside exposure below $400.00.
As an out-of-the-money put sale, this is a moderately bullish to neutral-income position: the trader is expressing confidence that AMD can remain above the strike through expiration, while also signaling willingness to take on downside assignment risk at a lower effective entry level.
Unusual Options Activity
Apple Inc. stock closed at $340.08, up 0.94%. A directional double-call buying structure worth $12.22 million was the standout large trade of the day. This was a same-direction two-leg CALL combination, with 1,223 contracts bought on the August 21, 2026 $290.00 call for $6.25 million and another 1,223 contracts bought on the September 18, 2026 $295.00 call for $5.97 million.
Because both legs were purchased, the position was established for a net debit, clearly signaling premium-paid upside exposure rather than income generation. With AAPL referenced at $340.08, both call strikes were already in the money, which makes this an aggressive directional bullish bet with additional leverage to continued upside and potentially larger stock movement over a longer-dated horizon.
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