Market Overview
The Dow ended lower and the S&P 500 finished flat on Wednesday (Oct. 29) after the Federal Reserve cut interest rates but Fed Chair Jerome Powell said another rate cut in December is far from assured.
Regarding the options market, a total volume of 56,458,184 contracts was traded, down 5% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, PLTR, AAPL, AMZN, AMD, MSFT, SOFI, BYND, META
Source: Tiger Trade App
Nvidia made history on Wednesday as the first company to reach $5 trillion in market value, powered by a rally that has cemented its place at the center of the global artificial intelligence boom.
There are 5.82 million Nvidia option contracts traded on Wednesday, up 10% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $210 strike call option expiring October 31, with 294,500 contracts trading. NVDA 20251031 210.0 CALL
Investors are eyeing a stock split for Palantir amid its lofty valuation, said a Wall Street analyst in a third-quarter earnings preview. Palantir stock has gained 163% in 2025 and hit a record high on Wednesday.
There are 1.05 million Palantir option contracts traded on Wednesday, up 102% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring October 31, with 127,573 contracts trading. PLTR 20251031 200.0 CALL
Unusual Options Activity
Source: Market Chameleon
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. The technology giant reported a record capital expenditure of nearly $35 billion for its fiscal first quarter on Wednesday and warned spending would rise this year, in a reversal of its earlier prediction that it would moderate. Microsoft's shares fell almost 4% in extended trading.
The trader made a bet before Microsoft's earnings. There are 586.07K option contracts traded on Wednesday, up 24% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $585 strike call option expiring December 19, with 28,209 contracts trading. MSFT 20251219 585.0 CALL
Fiserv shares plummeted 44%% on Wednesday after the payments software company reported results below estimates and cut its growth forecast for the second consecutive quarter, with analysts calling the earnings "shockingly bad".
There are 384.87K Fiserv option contracts traded on Wednesday, up 122% from the previous trading day. Call options account for 75% of overall option trades. Particularly high volume was seen for the $160 strike call option expiring December 19, with 23,797 contracts trading. FI 20251219 160.0 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 713,504 shares of Vistra Energy stock. The largest bullish delta came from selling puts. The largest delta volume came from the 17-Dec-27 195 Put, with traders getting long 403,170 deltas on the single option contract. VST 20271217 195.0 PUT
Top 10 bullish stocks: VST, NVDA, FCX, AMZN, PLTR, STX, AVGO, LUV, GOOG, GLW
Top 10 bearish stocks: LRCX, PYPL, FI, UNH, NKE, MGM, KVUE, T, KHC; ADBE
Source: Market Chameleon
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