Market Overview

U.S. stocks closed sharply lower on Wednesday(May 21) as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill. 20-year treasury auction goes badly, yields spike as bonds sell off.

Regarding the options market, a total volume of 54,913,623 contracts was traded, up 36% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, PLTR, Cboe Volatility Index, MSTR, Alphabet, Advanced Micro Devices, MARA Holdings , CoreWeave, Inc.

Alphabet was up 2.8%. The company's Google unit, at its developers conference Tuesday, issued updates around artificial intelligence and how it plans to solidify its place in search. But many of the AI products announced by Alphabet won't come for a few months. Google's headline announcement was the implementation of artificial intelligence into search in what it is calling "AI Mode." Alphabet CEO Sundar Pichai said it was a "total reimagining of search."

There are 569.36K Alphabet option contracts traded on Wednesday, up 92% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $175 strike call option expiring May 23, with 43,694 contracts trading. $GOOG 20250523 175.0 CALL$

Unusual Options Activity

CoreWeave stock closed up 19% on Wednesday. The artificial-intelligence cloud company announced it has priced $2 billion of senior notes with a 9.25% interest rate due in 2030. CoreWeave told Barron's the deal size was upsized by $500 million and was five times oversubscribed.

There are 524.14K CoreWeave option contracts traded on Wednesday, up 75% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $135 strike call option expiring May 23, with 27,862 contracts trading. $CRWV 20250523 135.0 CALL$

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 1,205,085 shares of NVIDIA stock. The largest bullish delta came from buying calls. The largest delta volume came from the 18-Jul-25 125 Call, with traders getting long 682,978 deltas on the single option contract.

Top 10 bullish stocks: NVDA, FSLR, APA, FCX, NFLX, MO, VZ, DLTR, DECK, TJX

Top 10 bearish stocks: GOOGL, AAPL, UNH, GOOG, PFE, MGM, PANW, TSLA, AMD, BA

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