Market Overview

The S&P 500 ended Tuesday's (July 8) choppy session slightly lower as investors waited for clarity on U.S. trade policy after President Donald Trump's latest tariff threats dampened hopes around talks with some trade partners.

Regarding the options market, a total volume of 40,819,008 contracts was traded, down 7% from the previous trading day.

Top 10 Option Volumes

Top 10: TSLA, NVDA, SOFI, AMZN, VIX, AAPL, INTC, HOOD, AMD, PLTR

Source: Tiger Trade App

SoFi Technologies shares jumped 3.7% on Tuesday. The company is widening the door to private markets, partnering with several asset managers to offer retail investors access to funds that span emerging sectors like AI, machine learning and space technology, it said on Tuesday.

There are 879.93K SoFi Technologies option contracts traded on Tuesday, up 75% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $21 strike call option expiring July 11, with 60,898 contracts trading. SOFI 20250711 21.0 CALL

Intel said it plans to start laying off hundreds of workers in Oregon as part of previously announced cuts under its restructuring plan.  Shares of the embattled chipmaker jumped over 7% Tuesday, extending recent gains driven by hopes that new CEO Lip-Bu Tan can engineer a turnaround and speculation of potential deals to sell parts of its business. Still, the stock has lost close to a third of its value over the past 12 months.

There are 642.27K Intel option contracts traded on Tuesday, up 232% from the previous trading day. Call options account for 64% of overall option trades. Particularly high volume was seen for the $24 strike call option expiring July 11, with 44,391 contracts trading. INTC 20250711 24.0 CALL

Unusual Options Activity

Source: Market Chameleon

SoundHound AI’s stock jumped 11.7% on Tuesday. Investor interest in agentic AI solutions fueled the stock’s dramatic move. Many investors were reminded of the massive gains a company like SoundHound AI can see over time, as several industries lean into the agentic AI future.

There are 411.7K SoundHound AI option contracts traded on Tuesday, up 115% from the previous trading day. Call options account for 81% of overall option trades. Particularly high volume was seen for the $13 strike call option expiring July 11, with 30,101 contracts trading. SOUN 20250711 13.0 CALL

Quantumscape shares rallied 16.7% on Tuesday as investors continued to focus on recent technical breakthroughs and show renewed optimism about the company's future in solid-state battery technology for electric vehicles.

There are 250.8K Quantumscape option contracts traded on Tuesday, up 345% from the previous trading day. Call options account for 81% of overall option trades. Particularly high volume was seen for the $8 strike call option expiring July 11, with 24,087 contracts trading. QS 20250711 8.0 CALL

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 1,632,252 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Sep-25 140 Call, with traders getting long 855,617 deltas on the single option contract. NVDA 20250919 140.0 CALL

Top 10 bullish stocks: NVDA, AES, CZR, NEE, DAL, BRK.B, BMY, PLTR, VLO, XOM

Top 10 bearish stocks: MRK, AAPL, AMZN, WMT, UBER, DVN, SMCI, ORCL, GOOGL; GOOG

Source: Market Chameleon

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