Market Overview

At the close of trading, the Dow Jones Industrial Average(DJI.US) rose by 0.3% to 45,418.07 points; the NASDAQ(IXIC.US) increased by 0.44% to 21,544.27 points; and the S&P 500 index(SPX.US) gained 0.41% to 6,465.94 points.

Notably, the S&P 500 index(SPX.US) put options volume reached 2.2123 million contracts, while call options volume was 1.7305 million contracts, resulting in a put/call volume ratio of approximately 1.28. This indicates a strong bearish sentiment among investors towards the index. Among these, the SPX call option SPXW 270825 C 6580 had a volume of 21,700 contracts, with a VOL/OI ratio of 24.13. The strike price for this contract is $6,580.00, and it saw a decline of 40.00%.

Top 10 Options Trading Volume:

NVIDIA Corporation(NVDA.US): Overnight, shares rose by 1.09%. The total options volume for the day reached 1.49 million contracts, down by 331,000 from the previous day, a decrease of 0.18 times. Open interest stands at 19.16 million contracts. Ahead of its Wednesday post-market earnings report, which is highly anticipated by the market, analysts expect strong performance with significant year-over-year growth in EPS and revenue. Several Wall Street analysts have raised NVIDIA's target price, suggesting further upside potential. NVIDIA's leading position in AI and increasing market share have pushed its S&P 500 weight to nearly 8%, making it a market bellwether. Options pricing indicates a post-earnings price swing of about 6.5%, potentially impacting NVIDIA's market cap by up to $288 billion.

Tesla Motors, Inc.(TSLA.US): Overnight, shares increased by 1.46%. The total options volume for the day was 1.42 million contracts, down by 617,900 from the previous day, a decrease of 0.3 times. Open interest is at 7.63 million contracts.

OpenDoor Technologies(OPEN.US): Overnight, shares rose by 3.52%. The total options volume reached 1.04 million contracts, down by 990,600 from the previous day, a decrease of 0.49 times. Open interest stands at 2.71 million contracts.

Palantir(PLTR.US): Overnight, shares increased by 2.35%. The total options volume for the day was 760,000 contracts, down by 131,600 from the previous day, a decrease of 0.15 times. Open interest is at 3.66 million contracts.

Advanced Micro Devices, Inc.(AMD.US): Overnight, shares rose by 2.0%. The total options volume reached 690,000 contracts, up by 241,300 from the previous day, an increase of 0.54 times. Open interest stands at 3.79 million contracts.

NIO(NIO.US): Overnight, shares surged by 10.02%. The total options volume was 560,000 contracts, up by 12,700 from the previous day, an increase of 0.02 times. Open interest is at 4.19 million contracts. From July 7 to August 26, NIO's share price has nearly doubled, with Q2 earnings set for release on September 2. Morgan Stanley maintains an "overweight" rating, with a target price of 50.7 HKD (approximately $6.5), suggesting further upside.

Apple Inc.(AAPL.US): Overnight, shares rose by 0.95%. The total options volume for the day was 550,000 contracts, down by 15,800 from the previous day, a decrease of 0.03 times. Open interest is at 5.52 million contracts. Apple announced its annual fall event, themed "Awe dropping," to be held at the Steve Jobs Theater in Apple Park on September 9 at 10 AM PT.

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

Options Activity Tracking:

Pfizer Inc.(PFE.US): Overnight, shares fell by 0.88%. The put option PFE 120925 P 26, with a strike price of $26.0 expiring on September 12, 2025, saw a volume of 25,100 contracts and increased by 36.9%.

Wheels Up Experience Inc. Class A Common Stock(UP.US): Overnight, shares surged by 25.52%. The call option UP 190925 C 5, with a strike price of $5.0 expiring on September 19, 2025, had a volume of 17,500 contracts and rose by 66.67%.

SoFi(SOFI.US): Overnight, shares dropped by 2.03%. The put option SOFI 191225 P 26, with a strike price of $26.0 expiring on December 19, 2025, saw a volume of 11,200 contracts and increased by 5.71%.

NIO(NIO.US): Overnight, shares jumped by 10.02%. The call option NIO 190925 C 9, with a strike price of $9.0 expiring on September 19, 2025, had a volume of 54,900 contracts and rose by 91.67%. Additionally, several call options expiring on August 29 with strike prices between $6 and $7.5 increased by over 100%.

EHang Holdings Limited(EH.US): Overnight, shares fell by 7.53%. The put option EH 050925 P 16.5, with a strike price of $16.5 expiring on September 5, 2025, saw a volume of 5,700 contracts and increased by 116.67%.

EHang Holdings reported its Q2 results on Tuesday, with revenue growing 44.2% year-over-year and 464% quarter-over-quarter to 147.2 million yuan. The net loss was 81 million yuan, compared to a net loss of 71.6 million yuan in the same period last year and 78.4 million yuan in Q1. The company delivered 68 EH216 series eVTOL aircraft during the period. Additionally, EHang adjusted its full-year 2025 revenue guidance to around 500 million yuan, down from a previous estimate of 900 million yuan, while analysts expected 863.3 million yuan.

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.

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

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