Market Overview

By the close of trading, the Dow Jones Industrial Average(DJI.US) rose by 0.25%, ending at 42,866.87 points; the NASDAQ(IXIC.US) increased by 0.63%, closing at 19,714.99 points; and the S&P 500 index(SPX.US) climbed by 0.55%, finishing at 6,038.81 points.

Notably, the trading volume for $SPX put options reached 1.9182 million contracts, while call options totaled 1.4984 million contracts, resulting in a put/call ratio of approximately 1.28. This indicates a strong bearish sentiment among investors for the index. Among these, the $SPX put option SPXW 250725 P 4950 saw a trading volume of 61,200 contracts, with a VOL/OI ratio of 372.98. The strike price for this contract is $4,950.00, and the option price dropped by 4.73%.

Top 10 Options Trading Volume:

Tesla Motors, Inc.(TSLA.US): Overnight, shares rose 5.67%. The daily options trading volume reached 2.76 million contracts, an increase of 366,700 from the previous day, representing a 0.15-fold increase in volume. The open interest stands at 9.21 million contracts. Tesla is set to hold a RoboTaxi launch event in Austin on June 12, showcasing vehicles without safety drivers.

NVIDIA Corporation(NVDA.US): Overnight, shares rose 0.93%. The daily options trading volume was 1.71 million contracts, a decrease of 796,900 from the previous day, marking a 0.32-fold decrease. The open interest is 22.63 million contracts.

Apple Inc.(AAPL.US): Overnight, shares rose 0.61%. The daily options trading volume was 930,000 contracts, a decrease of 437,800 from the previous day, indicating a 0.32-fold decrease. The open interest is 5.54 million contracts.

Intel Corporation(INTC.US): Overnight, shares surged 7.81%, marking the largest single-day gain in two months. The daily options trading volume reached 850,000 contracts, up by 601,500 from the previous day, representing a 2.43-fold increase. The open interest is 5.6 million contracts.

Alphabet Inc. Class A(GOOGL.US): Overnight, shares rose 1.43%. The daily options trading volume was 710,000 contracts, an increase of 398,500 from the previous day, indicating a 1.29-fold increase. Put options accounted for 21.79% of the total volume, while call options made up 78.21%. The open interest is 3.46 million contracts. Reuters reports that OpenAI plans to collaborate with Google Cloud to meet growing computational needs. Talks began months ago, with an agreement finalized in May. This partnership reflects OpenAI's need for a diverse supply chain and a gradual reduction in reliance on Microsoft.

Palantir(PLTR.US): Overnight, shares rose 0.57%. The daily options trading volume was 500,000 contracts, a decrease of 69,400 from the previous day, marking a 0.12-fold decrease. The open interest is 3.48 million contracts. Palantir Technologies announced a multi-year partnership with Fedrigoni to accelerate digital transformation using AI capabilities from Aiven Holdings and Palantir's innovative solutions.

PUT/CALL: Counts the percentage of open put and call option holdings for the listed stocks during the trading day.

Options Activity Tracking:

DXC Technology(DXC.US): Overnight, shares rose 2.24%. The call option DXC 190925 C 16, with a strike price of $16.00 expiring on September 19, 2025, traded 15,000 contracts, and the option price fell by 2.94%.

Teva Pharmaceutical Industries Limited Sponsored ADR(TEVA.US): Overnight, shares fell 2.66%. The call option TEVA 191225 C 24, with a strike price of $24.00 expiring on December 19, 2025, traded 50,700 contracts, and the option price dropped by 15.09%.

CSX Corporation(CSX.US): Overnight, shares rose 1.97%. The call option CSX 200625 C 33.5, with a strike price of $33.50 expiring on June 20, 2025, traded 8,300 contracts, and the option price increased by 180.0%.

Tesla Motors, Inc.(TSLA.US): Overnight, shares rose 5.67%. The call option TSLA 171025 C 650, with a strike price of $650.00 expiring on October 17, 2025, traded 8,500 contracts, and the option price increased by 78.57%.

Alphabet Inc. Class A(GOOGL.US): Overnight, shares rose 1.43%. The put option GOOGL 130625 P 177.5, with a strike price of $177.50 expiring on June 13, 2025, traded 14,100 contracts, and the option price fell by 49.83%.

vol/oi: The ratio of options volume to the number of open positions in the contract, with higher vol/oi indicating that the market is creating an abnormal number of new positions.

Option IV Unusual Movements:

Gilead Sciences, Inc.(GILD.US): Overnight, shares fell over 2%. The total options trading volume reached 16,500 contracts, with an implied volatility of 39.17%.

The U.S. Food and Drug Administration (FDA) has placed a clinical hold on a study of Gilead's investigational weekly HIV pill combination due to signs of potential immune system weakening in some participants. This hold affects five clinical trials, including two Phase 2/3 studies evaluating the safety and efficacy of the weekly combination pill compared to Gilead’s popular HIV treatment, Biktarvy, as well as three Phase 1 studies.

High IV stocks:

Source: Barchart, data as of Eastern Time, June 10, 2025.

Read More: A quick look at the pros and cons of index options!

Note: Implied volatility estimates the expected fluctuation of a stock's price and is derived from the price of its options. High and low levels of implied volatility signify market sentiment and option supply and demand dynamics. Feeding into an option's premium, implied volatility, time value, and directional movement embody the core aspects influencing option pricing. Traders navigate their strategies within this three-dimensional framework.

Volume reflects the aggregate volume of options contracts executed in a single day.

IV Rank gauges the standing of the current implied volatility within the highest and lowest values observed over the past year, serving as a relative measure.

IV Percentile denotes the proportion of days during the past year when the implied volatility was lower than the present rate, providing a statistical norm.

IV Yearly High marks the apex of an option's implied volatility recorded within the preceding year, signaling its peak uncertainty or risk