Market Overview

The Dow Jones Industrial Average(DJI.US) fell by 0.64% at the close to 42,140.43 points. The NASDAQ(IXIC.US) rose by 1.61%, reaching 19,010.08 points, while the S&P 500 index(SPX.US) increased by 0.72% to 5,886.55 points.

Notably, the SPX Corporation(SPXC.US) put options volume reached 2.0751 million contracts, while call options volume was 1.8427 million contracts, resulting in a put/call ratio of approximately 1.13. This indicates a strong bearish sentiment among investors for the index. Among the options, the SPX call option SPXW 060625 C 6100 saw a volume of 18,300 contracts, with a VOL/OI ratio of 133.82. With a strike price of 6,100.00, this contract increased by 45.55%.

Top 10 Options Trading Volume:

NVIDIA Corporation(NVDA.US): Overnight, NVIDIA shares rose 5.63%, with total options volume reaching 5.93 million contracts, an increase of 2.6435 million from the previous day, representing a 0.8-fold increase. Open interest stands at 22.48 million contracts. 

Sources indicate that the Trump administration is considering a deal allowing the UAE to import over 1 million advanced NVIDIA chips, exceeding AI chip regulations from the Biden era. The deal is still under negotiation and may change, allowing the UAE to import 500,000 of the most advanced chips annually until 2027.

Tesla Motors, Inc.(TSLA.US): Tesla shares rose 4.93% overnight, with options volume reaching 3.19 million contracts, an increase of 826,100 from the previous day, a 0.35-fold increase. Open interest is at 8.65 million contracts. 

During an investment forum led by the White House in Saudi Arabia, Elon Musk announced that Saudi Arabia has approved the use of "Starlink" for aviation and maritime sectors in the region.

Palantir Technologies(PLTR.US): Shares rose 8.14% overnight, with options volume reaching 1.59 million contracts, an increase of 919,300 from the previous day, a 1.38-fold increase. Open interest is at 3.64 million contracts.

Coinbase Global, Inc.(COIN.US): Coinbase shares surged 23.97% overnight, with options volume reaching 950,000 contracts, an increase of 765,900 from the previous day, a 4.19-fold increase. Open interest stands at 1.12 million contracts. 

On May 12, S&P Dow Jones Indices announced that Coinbase will replace Discover Financial as a new component of the S&P 500 Index, effective before the market opens on Monday, May 19.

Apple Inc.(AAPL.US): Apple shares rose 1.02% overnight, with options volume reaching 820,000 contracts, a decrease of 307,200 from the previous day, a 0.27-fold decrease. Open interest is at 5.21 million contracts.

UnitedHealth Group Incorporated(UNH.US): Shares fell 17.79% overnight, with options volume reaching 610,000 contracts, an increase of 507,500 from the previous day, a 5.07-fold increase. Open interest is at 520,000 contracts. 

UnitedHealth announced the cancellation of its 2025 performance forecast and the departure of CEO Andrew Witty for "personal reasons." Stephen Hemsley, who led the company from 2006 to 2017 and is currently the board chairman, will assume the role.

Robinhood Markets, Inc.(HOOD.US): Shares rose 8.95% overnight, with options volume reaching 570,000 contracts, an increase of 245,700 from the previous day, a 0.74-fold increase. Open interest is at 2.02 million contracts.

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

Options Activity Tracking:

NVIDIA Corporation(NVDA.US): Overnight, NVIDIA shares rose 5.63%, with notable activity in several put options:

• The put option NVDA 160525 P 129, with a strike price of $129.0 and expiring on May 16, 2025, saw a volume of 67,500 contracts, decreasing by 74.96%.
• The put option NVDA 160525 P 126, with a strike price of $126.0 and expiring on May 16, 2025, had a volume of 63,900 contracts, decreasing by 82.47%.
• The put option NVDA 160525 P 127, with a strike price of $127.0 and expiring on May 16, 2025, saw a volume of 60,100 contracts, decreasing by 80.37%.
• The put option NVDA 160525 P 128, with a strike price of $128.0 and expiring on May 16, 2025, had a volume of 56,800 contracts, decreasing by 77.32%.
• Coinbase Global, Inc.(COIN.US): Overnight, Coinbase shares surged 23.97%. The call option COIN 160525 C 265, with a strike price of $265.0 and expiring on May 16, 2025, saw a volume of 26,500 contracts, increasing by 8400.0%.

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:

WeRide Inc. Sponsored ADR(WRD.US) options saw active trading, with a total volume of 26,000 contracts. Put options accounted for 51% of the total volume, while call options made up 49%. The implied volatility remained at 182%.

Previously, WeRide and Uber jointly announced plans to expand their strategic partnership significantly.

High IV stocks:

Data source: Barchart, as of May 13, 2025, Eastern Time.

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