Market Overview

As of the market close, the Dow Jones Industrial Average(DJI.US) fell by 0.7% to 44,693.91 points. The NASDAQ(IXIC.US) Index rose by 0.18% to 21,057.96 points, while the S&P 500 index(SPX.US) increased by 0.07% to 6,363.35 points.

Notably, the trading volume for put options on the SPX reached 2.0248 million contracts, compared to 1.5947 million for call options, resulting in a put/call ratio of approximately 1.27. This indicates a strong bearish sentiment among investors regarding the index. Among these, one particular put option, SPXW 050925 P 5250, saw a trading volume of 11,700 contracts, with a VOL/OI ratio of 110.36. The strike price for this contract is 5,250.00, and the option itself fell by 16.29%.

Top 10 Options Trading Volume:

Tesla Motors, Inc.(TSLA.US): Overnight, Tesla shares dropped by 8.2%. The daily options trading volume reached 3.84 million contracts, an increase of 2.5068 million from the previous day, representing a 1.87-fold rise. The open interest stands at 7.95 million contracts. Tesla's second-quarter revenue was $22.496 billion, down 12% from $25.5 billion a year ago. Net profit was $1.19 billion, compared to $1.416 billion last year. Net profit attributable to common shareholders was $1.172 billion, down 16% from $1.4 billion last year. Diluted earnings per share were $0.33, an 18% decrease from $0.40 last year.

NVIDIA Corporation(NVDA.US): Overnight, NVIDIA shares rose by 1.73%. The daily options trading volume was 2.19 million contracts, a decrease of 18,000 from the previous day, representing a 0.01-fold reduction. The open interest is 19.54 million contracts. U.S. President Trump mentioned he considered breaking up NVIDIA to boost competition in the AI chip sector, but later realized "being in this industry is not easy." He stated at an AI summit in Washington on Wednesday, "I said, 'Let's break up this company,' but I wasn't informed at the time."

Alphabet Inc. Class A(GOOGL.US): Overnight, Google shares rose by 1.02%. The daily options trading volume reached 1.19 million contracts, an increase of 402,800 from the previous day, representing a 0.51-fold rise. The open interest is 3.6 million contracts. Google's parent company, Alphabet, reported second-quarter revenue of $96.428 billion, a 14% increase from $84.742 billion last year, with a currency-adjusted growth of 13%. GAAP net profit was $28.196 billion, up 19% from $23.619 billion last year. Diluted earnings per share were $2.31, compared to $1.89 last year.

OpenDoor Technologies, Inc.(OPEN.US): Overnight, Opendoor shares rose by 5.68%. The daily options trading volume was 980,000 contracts, continuing a three-day decline, representing a 0.28-fold reduction from the previous day. The open interest is 2.56 million contracts. Recently, the stock has become a hot topic in the U.S. market, exhibiting typical "meme stock" characteristics. The stock price has increased by over 500% this month, with single-day trading volume hitting record highs and active options trading. Discussions about Opendoor have surged on social media, with strong retail investor enthusiasm. The company's short interest ratio exceeding 20% could trigger a short squeeze.

Intel Corporation(INTC.US): Overnight, Intel shares fell by 3.66%. The daily options trading volume reached 810,000 contracts, an increase of 581,500 from the previous day, representing a 2.58-fold rise. The open interest is 5.01 million contracts. Intel's second-quarter revenue of $12.9 billion exceeded market expectations. However, adjusted earnings per share showed a loss of $0.10, far below the anticipated profit. The third-quarter earnings guidance is only "break-even," again falling short of the expected $0.04 per share profit.

Pfizer Inc.(PFE.US): Overnight, Pfizer shares fell by 0.04%. The daily options trading volume was 660,000 contracts, an increase of 544,800 from the previous day, representing a 4.71-fold rise. The open interest is 2.84 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:

Comerica Incorporated(CMA.US): Overnight, shares increased by 1.28%. The call option CMA 160126 C 80, with a strike price of $80.0 expiring on January 16, 2026, saw a volume of 25,300 contracts and rose by 22.73%.

CoreWeave(CRWV.US): Overnight, shares fell by 4.8%. The call option CRWV 150127 C 20, with a strike price of $ 20.00 and expiring on January 15, 2027, had a volume of 13,300 contracts and dropped by 3.74%.

Tesla Motors, Inc.(TSLA.US): Overnight, shares decreased by 8.2%. The put option TSLA 080825 P 180, with a strike price of $ 180.00 and expiring on August 8, 2025, saw a volume of 27,900 contracts and fell by 39.13%.

Citigroup Inc.(C.US): Overnight, shares declined by 0.63%. The call option C 190925 C 115, with a strike price of $ 115.00 and expiring on September 19, 2025, had a volume of 26,100 contracts and decreased by 5.26%.

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:

Upexi, Inc. - Common Stock(UPXI.US): The stock fell by over 4%. Options trading volume reached 18,000 contracts, with an implied volatility (IV) of 211.47%. This high IV suggests significant market uncertainty or expectation of large price movements.

High IV stocks:

Source: Barchart, data as of Eastern Time, July 24, 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