Market Overview

U.S. stocks fell on Tuesday(May 20), with the benchmark S&P 500 ending six straight sessions of gains, under pressure from rising Treasury yields, with the U.S. sovereign debt profile in focus.

Regarding the options market, a total volume of 40,249,123 contracts was traded.

Top 10 Option Volumes

Top 10: TSLA, NVDA, Cboe Volatility Index, AAPL, D-Wave Quantum Inc., UNH, Wolfspeed Inc., PLTR, MSTR, Rivian Automotive, Inc.

Source: Tiger Trade App

D-Wave Quantum jumped 26% as its sixth-generation quantum-computing system became available over the cloud. D-Wave management highlighted the technology's applications in tasks such as supply-chain optimization and resource allocation, outside the realm of what classical machines effectively can handle.

There are 559.37K D-Wave option contracts traded on Tuesday, up 136% from the previous trading day. Call options account for 67% of overall option trades. Particularly high volume was seen for the $17 strike call option expiring May 23, with 25,652 contracts trading. $QBTS 20250523 17.0 CALL$

Unusual Options Activity

Source: Market Chameleon

Semiconductor supplier Wolfspeed is preparing to file for bankruptcy within weeks, as it struggles to address its debt pile, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. Shares of the company fell 60% in extended trading.

There are 423.91K Wolfspeed option contracts traded on Tuesday, up 125% from the previous trading day. Put options account for 86% of overall option trades. Particularly high volume was seen for the $3 strike put option expiring July 18, with 69,886 contracts trading. $WOLF 20250718 3.0 PUT$

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 719,488 shares of PARA stock. The largest bullish delta came from buying calls. The largest delta volume came from the 18-Jul-25 13 Call, with traders getting long 428,482 deltas on the single option contract.

Top 10 bullish stocks: PARA, DVN, PANW, ALB, SCHW, AMTM, FSLR, NVDA, RTX, HPE

Top 10 bearish stocks: GOOGL, GOOG, PLTR, INTC, AAPL, SMCI, PFE, CSCO, UNH, META

Source: Market Chameleon

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