Market Overview

The S&P 500 and the Nasdaq closed higher on Tuesday (May 13) for a second straight day after softer-than-expected inflation numbers added to investor optimism from Monday when the U.S. and China announced a trade truce.

Regarding the options market, a total volume of 61,151,972 contracts was traded, up 6% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, PLTR, VIX, SMCI, COIN, AMZN, AAPL, AMD, UNH

Source: Tiger Trade App

Nvidia stock surged 5.6% on Tuesday, pushing the company's market capitalization to close above $3 trillion for the first time since February as a wave of trade news bolstered prospects for the AI chip giant.

Nvidia CEO Jensen Huang said Tuesday during an investment forum in Saudi Arabia — which was attended by President Trump and other Big Tech CEOs — that the AI chipmaker will ship its chips to Saudi Arabian AI company Humain for its massive data center plans.

Also on Tuesday, a report from Bloomberg also indicated the Trump administration may cut a deal that would allow the United Arab Emirates to purchase "more than a million" of Nvidia's AI chips.

There are 5.93 million Nvidia option contracts traded on Tuesday, up 80% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $130 strike call option expiring May 16, with 304,931 contracts trading. NVDA 20250516 130.0 CALL

Tesla stock jumped 4.9% on Tuesday after thawing U.S.-Chinese trade relations gave the shares a big booston Monday. Elon Musk, meanwhile, was one of many executives on hand for President Donald Trump’s visit to Saudi Arabia.

There are 3.19 million Tesla option contracts traded on Tuesday, up 34% from the previous trading day. Call options account for 64% of overall option trades. Particularly high volume was seen for the $350 strike call option expiring May 16, with 144,717 contracts trading. The price of $350 is 5% higher than Tesla's Tuesday closing price of $334.07. TSLA 20250516 350.0 CALL

Unusual Options Activity

Source: Market Chameleon

Palantir shares closed higher 8.1% on Tuesday at an all-time high as optimism about easing tariffs has driven a broad market rally that has lifted artificial intelligence stocks.

There are 1.59 million Palantir option contracts traded on Tuesday, up 137% from the previous trading day. Call options account for 64% of overall option trades. Particularly high volume was seen for the $125 strike call option expiring May 16, with 79,301 contracts trading. PLTR 20250516 125.0 CALL

Super Micro Computer shares jumped 16% on Tuesday after Raymond James initiated coverage of the server maker's stock with an “outperform” rating and $41 price target.

There are 966.24K Super Micro option contracts traded on Tuesday, up 257% from the previous trading day. Call options account for 79% of overall option trades. Particularly high volume was seen for the $36 strike call option expiring June 20, with 51,893 contracts trading. SMCI 20250620 36.0 CALL

Coinbase stock surged nearly 24% on Tuesday as Wall Street cheered the inclusion of the first and only crypto exchange in the S&P 500 — a major milestone for the company and an industry once in the crosshairs of regulators.

There are 948.59K Coinbase option contracts traded on Tuesday, up 417% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $260 strike call option expiring May 16, with 67,472 contracts trading. COIN 20250516 260.0 CALL

UnitedHealth said its Chief Executive Andrew Witty resigned as of Tuesday, and the company suspended its annual forecast due to surging medical costs, sending shares plunging nearly 18% to a four-year low.

There are 607.56K UnitedHealth option contracts traded on Tuesday, up 504% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $300 strike put option expiring May 16, with 22,181 contracts trading. UNH 20250516 300.0 PUT

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 5,253,508 shares of Phillips 66 stock. The largest bullish delta came from buying calls. The largest delta volume came from the 23-May-25 96 Call, with traders getting long 5,274,410 deltas on the single option contract. PSX 20250523 96.0 CALL

Top 10 bullish stocks: PSX, NVDA, PLTR, SMCI, META, ENPH, FSLR, GILD, SCHW, F

Top 10 bearish stocks: UNH, MSFT, AMD, AMZN, T, KVUE, GOOG, KO, NEE; AVGO

Source: Market Chameleon

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