Market Overview
The Nasdaq rose 1% and the S&P 500 also ended higher on Wednesday (Sept. 3) as Alphabet jumped after a U.S. judge ruled against breaking up the Google parent and as investors were optimistic that the Federal Reserve would cut interest rates this month.
Regarding the options market, a total volume of 47,795,651 contracts was traded, basically unchanged from the previous trading day.
Top 10 Option Volumes
Top 10: TSLA, NVDA, AAPL, GOOG, PLTR, OPEN, VIX, AMD, MSTR, AMZN
Source: Tiger Trade App
Alphabet and Apple gave the S&P 500 and Nasdaq their biggest boosts on Wednesday. Shares of Alphabet Class A jumped 9.1% and Alphabet Class C rose 9% after the late Tuesday ruling, which allows Google to retain control of its Chrome browser and Android mobile operating system, while barring certain exclusive contracts with device makers and browser developers.
Shares of Apple gained 3.8% as the ruling also preserved lucrative payments to the iPhone maker from Google.
There are 1.72 million Alphabet Class A option contracts traded on Wednesday, up 323% from the previous trading day. Call options account for 67% of overall option trades. Particularly high volume was seen for the $230 strike call option expiring September 5, with 122,664 contracts trading. GOOGL 20250905 230.0 CALL
There are 844.11K Alphabet Class C option contracts traded on Wednesday, up 362% from the previous trading day. Call options account for 59% of overall option trades. Particularly high volume was seen for the $230 strike call option expiring September 5, with 44,596 contracts trading. GOOG 20250905 230.0 CALL
There are 1.19 million Apple option contracts traded on Wednesday, up 117% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $240 strike call option expiring September 5, with 81,689 contracts trading. AAPL 20250905 240.0 CALL
Unusual Options Activity
Source: Market Chameleon
Lucid stock sank again Wednesday, marking a second day of losses. Nothing fundamental happened to trigger Tuesday’s fall of 10.8%. Instead, the electric vehicle maker completed its one-for-10 reverse stock split. Wednesday dragged shares down another 5%.
There are 77.74K Lucid option contracts traded on Wednesday. Put options account for 63% of overall option trades. Particularly high volume was seen for the $2 strike put option expiring November 21, with 120,513 contracts trading. LCID 20251121 2.0 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 789,000 shares of Alphabet stock. The largest bullish delta came from buying calls. The largest delta volume came from the 05-Sep-25 230 Call, with traders getting short 384,170 deltas on the single option contract.
Top 10 bullish stocks: GOOG, GOOGL, NVDA, AAPL, CRM, CSX, TSLA, INTC, ANET, GLW
Top 10 bearish stocks: KDP, PG, BA, EQT, PLTR, WMT, KO, XOM, SBUX; PYPL
Source: Market Chameleon
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