Market Overview

At the close, the Dow Jones Industrial Average(DJI.US) rose by 0.53%, ending at 44,254.78 points. The NASDAQ(IXIC.US) gained 0.25%, closing at 20,730.49 points, while the S&P 500 index(SPX.US) increased by 0.32%, finishing at 6,263.7 points.

Notably, the XSP index saw a significant volume in options trading. The put options volume reached 80,300 contracts, compared to 49,200 contracts for call options, resulting in a put/call ratio of approximately 1.63. This indicates a strong bearish sentiment among investors towards the index. The specific put option contract XSP 190925 P 595 had a volume of 15,400 contracts, with a VOL/OI ratio of 65.55. The strike price for this contract is 595.00, and it saw an increase of 2.31%.

Top 10 Options Trading Volume:

NVIDIA Corporation(NVDA.US): Shares rose 0.39% overnight. The daily options volume reached 2.18 million contracts, a decrease of 1.9185 million from the previous day, representing a 0.47-fold drop. Open interest stands at 20.3 million contracts.

Tesla Motors, Inc.(TSLA.US): Shares jumped 3.5% overnight. Daily options volume hit 2.04 million contracts, an increase of 716,300 from the previous day, a 0.54-fold increase. Open interest is at 8.33 million contracts.

On the news front, Tesla's pure electric multi-purpose passenger vehicle appeared on the Ministry of Industry and Information Technology's new product announcement list. The model, TSL6500BEVBA0, is a six-seater and is expected to be priced around 400,000 yuan, with deliveries slated for this fall.

Advanced Micro Devices, Inc.(AMD.US): Shares rose 2.87% overnight. Options volume totaled 920,000 contracts, a decrease of 459,000 from the previous day, down 0.33-fold. Open interest stands at 3.93 million contracts.

Rigetti Computing(RGTI.US): Shares soared 30.19% overnight. Options volume surged to 850,000 contracts, up 783,700 from the previous day, a massive 11.03-fold increase. Open interest is at 930,000 contracts.

OpenDoor Technologies, Inc.(OPEN.US): Shares skyrocketed 43.27% overnight. Options volume reached 680,000 contracts, up 437,500 from the previous day, a 1.82-fold increase. Call options account for nearly 92% of the volume. Open interest is at 690,000 contracts.

According to Stocktwits, page views related to Opendoor surged 400% from Monday to Tuesday, with further acceleration on Wednesday.

Circle(CRCL.US): Shares rose 19.39% overnight. Options volume reached 470,000 contracts, an increase of 327,000 from the previous day, a 2.34-fold increase. Open interest stands at 450,000 contracts.

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

Options Activity Tracking:

Rigetti Computing(RGTI.US): Shares skyrocketed 30.19% overnight. Key options activity includes:

• RGTI 250725 C 16.5: Call option with a strike price of $16.5, expiring on July 25, 2025, traded 24,400 contracts, surging 2640.0%.
• RGTI 250725 C 17: Call option with a strike price of $17.0, expiring on July 25, 2025, traded 31,500 contracts, up 1833.33%.

Energy Transfer LP Common Units(ET.US): Shares fell 0.85% overnight. Notable options activity:

ET 220825 C 18.5: Call option with a strike price of $18.5, expiring on August 22, 2025, traded 25,300 contracts, increasing 9.09%.

Celsius Holdings, Inc.(CELH.US): Shares dropped 2.33% overnight. Key options activity:

CELH 180725 C 48.5: Call option with a strike price of $48.5, expiring on July 18, 2025, traded 10,800 contracts, down 50.0%.
Tempus AI ($TEM): Shares rose 7.3% overnight. Notable options activity:

TEM 010825 C 64: Call option with a strike price of $64.0, expiring on August 1, 2025, traded 9,300 contracts, up 139.05%.

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:

SRM Entertainment, Inc.(SRM.US): Shares soared over 53% overnight. Options volume reached 29,800 contracts, with implied volatility (IV) at 242.45%.

SharpLink Gaming Ltd. - Ordinary Shares(SBET.US): Shares jumped over 29% overnight. Options volume hit 300,600 contracts, with implied volatility (IV) at 231.63%.

High IV stocks:

Source: Barchart, data as of Eastern Time, July 16, 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 cost 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