Market Overview
Rising healthcare and consumer stocks lifted the Dow Jones Industrial Average on Wednesday to a record closing high, while the S&P 500 and the Nasdaq were steady, as investors took a pause from the AI-led rally while cautiously watching Middle East peace talks.Fractional gains were enough to push the S&P 500 index and Nasdaq to closing record highs for the second day in a row.
Regarding the options market, a total volume of 58,524,798 contracts was traded, of which 63% were call options.
Source: Market Chameleon
Top 10 Option Volumes
Top 10: NVIDIA, Tesla Motors, Meta Platforms, Inc., Apple, Micron Technology, Amazon.com, IREN Ltd, Microsoft, Nokia Oyj, Intel
Source: Tiger Trade App
Meta Platforms shares rose nearly 4% after the company formally launched a subscription offering spanning Meta AI, Instagram, Facebook and WhatsApp, as it seeks to diversify revenue streams beyond its core advertising business.
In the options market, Meta traded 1.21 million contracts on the day, more than double its 90-day average volume. Bullish sentiment strengthened, with call options accounting for 77.9% of total volume. Among the most actively traded contracts were the $620 strike calls expiring May 27, which saw volume exceed 56,000 contracts. Options chain data also showed multiple Meta call contracts surging more than 1,000% during the session.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
IREN Ltd surged more than 13% after the company said it had agreed to purchase Nvidia air-cooled Blackwell systems from Dell in a deal valued at about $1.6 billion, aiming to expand computing capacity to meet growing demand for artificial intelligence infrastructure.
On the options front, IREN traded 716,600 contracts on the day, nearly three times its 90-day average volume. Calls represented 66.2% of total trading activity, with the most actively traded contracts being the $65 strike calls expiring May 29, which recorded volume of more than 70,000 contracts.
Source: Market Chameleon
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