US stocks fell on Monday (Sept 28) as oil prices and Treasury yields increased, with investors weighing uncertainty over the prospects for an Iran war peace deal and the impact on the Federal Reserve's rate path.
Regarding the options market, a total volume of 62,493,895 contracts was traded, of which 56% were call options.
Top 10 Option Volumes
Top 10: NVIDIA, Tesla Motors, Apple, Meta Platforms, Intel, Micron Technology, Amazon.com, Advanced Micro Devices, Microsoft, SpaceX
NVIDIA closed at $228.86, up 1.68%. Large options trades revealed a clear institutional tilt toward downside protection, led by an $8.70 million in-the-money put purchase and a bearish synthetic put into 2027. The block flow outweighed scattered bullish call buys, with long-dated structures signaling conviction for sustained risk rather than a short-term hedge.
Large Trades
A put buy worth $8.70 million was the standout large trade, with 2,300 contracts of the June 16, 2028 $230.00 put purchased at a strike just above the $228.86 reference stock price, making it in the money. This is a clearly bearish position with long-dated protection or downside speculation built in, and the maturity profile suggests the buyer is positioning for a sustained risk horizon rather than a short-term hedge. Because the strike sits close to spot while still in the money, the trade carries meaningful downside sensitivity and signals conviction that NVDA may face pressure over time.
A bearish synthetic put with a net credit of $439,200 was the other featured combination trade, created by selling 1,200 contracts of the January 15, 2027 $280.00 call and buying 1,200 contracts of the January 15, 2027 $150.00 put. Both legs were out of the money versus the $228.86 reference price, but together they express a distinctly negative directional view by combining capped upside exposure from the short call with downside participation from the long put. The fact that the structure was established for a net credit adds to the defensive, risk-off tone, indicating the trader was willing to monetize call premium while positioning for weakness into 2027.
Unusual Options Activity
Meta closed at $715.62, declining 4.79%. Large option trades painted a cautious picture, led by a $6.13 million short call at the 750 strike, while a smaller out-of-the-money put sale added a modestly bullish undertone. The broader flow remained bearish overall, with call selling dominating and signaling expectations for limited upside or rising downside risk in the near term.
Large Trades
A call sale worth $6.13 million was the standout large trade, with 5,703 contracts sold at the 750.0 strike expiring on 2026-10-09. With Meta referenced at 722.66, this call was out of the money at execution, making it a clearly bearish or capped-upside positioning. Strategically, this kind of single-leg short call typically reflects either a view that the stock will remain below 750 into expiration or an income-generating overwrite style trade that seeks to collect premium while limiting participation in a sharp upside move.
A put sale worth $943.00 thousand was the second highlighted large trade, covering 2,050 contracts at the 590.0 strike expiring on 2026-11-06. This put was also out of the money versus the current stock reference, which makes the trade moderately bullish in character, as the seller is effectively expressing confidence that Meta will stay above 590 while collecting premium. Overall, the block flow still leans bearish: despite this supportive downside put sale, the broader large-trade pattern is dominated by call selling and protective or speculative put buying, pointing to a market tone that is cautious to negative and suggests expectations for limited upside or a higher probability of downside risk than sustained bullish continuation.