Market Overview

Wall Street's three major indexes lost ground on Thursday (Oct. 30) with the Nasdaq Composite and the S&P 500 leading losses as Meta and Microsoft shares tumbled on worries over surging AI spending, while investors also digested a more hawkish tone from the U.S. Federal Reserve.

Regarding the options market, a total volume of 60,963,349 contracts was traded, up 8% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, META, TSLA, AMZN, AAPL, VIX, MSFT, MSTR, CMG, PLTR

Source: Tiger Trade App

Meta Platforms shares sank 11.3% on Thursday for their biggest one-day drop in three years after the social media company forecast "notably larger" capital expenses next year, thanks to investments in artificial intelligence.

There are 2.33 million Meta option contracts traded on Thursday, up 374% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $700 strike call option expiring October 31, with 77,503 contracts trading. META 20251031 700.0 CALL

Amazon's cloud revenue rose at the fastest clip in nearly three years, helping the company forecast quarterly sales above estimates and driving its shares up 13.2% in after-market trading.

The trader made a bet before Amazon's earnings. There are 1.27 million option contracts traded on Thursday, up 89% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $230 strike call option expiring October 31, with 36,463 contracts trading. AMZN 20251031 230.0 CALL

Unusual Options Activity

Source: Market Chameleon

Alphabet reported a surge in demand for its cloud and artificial intelligence services last quarter, pleasing investors who sent its shares up 2.5% on Thursday even as the company said capital spending for the year would be higher than expected.

There are 972.32K Alphabet option contracts traded on Thursday, up 31% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $300 strike call option expiring October 31, with 52,564 contracts trading. GOOGL 20251031 300.0 CALL

Microsoft's AI infrastructure spending to meet growing cloud services demand is outpacing Wall Street expectations, deepening investor fears about the costs of sustaining the boom. Microsoft's shares fell 2.9% on Thursday.

There are 869.3K Microsoft option contracts traded on Thursday, up 46% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $485 strike call option expiring November 21, with 35,414 contracts trading. MSFT 20251121 485.0 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 1,266,724 shares of Fiserv stock. The largest bullish delta came from selling puts. The largest delta volume came from the 31-Oct-25 110 Put, with traders getting long 220,000 deltas on the single option contract. FI 20251031 110.0 PUT

Top 10 bullish stocks: FI, DECK, MSFT, NVDA, GOOGL, MRNA, AAPL, BA, TSLA, KHC

Top 10 bearish stocks: CMG, AMD, IP, ORCL, CI, META, PYPL, VZ, HOOD; PFE

Source: Market Chameleon

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