Market Overview

At the close of trading, the Dow Jones Industrial Average(DJI.US) rose by 0.28%, ending at 40,227.59 points. The NASDAQ(IXIC.US) fell by 0.1%, closing at 17,366.13 points, while the S&P 500 index(SPX.US) increased by 0.06%, finishing at 5,528.75 points.

Notably, the trading volume for S&P 500 index(SPX.US) put options reached 1.743 million contracts, compared to 1.5027 million for call options, resulting in a put/call ratio of approximately 1.16. This indicates a stronger bearish sentiment among investors for the index. Among these, the SPX call option SPX 211125 C 7400 saw a volume of 5,000 contracts, with a VOL/OI ratio of 27.47. The strike price for this contract is $7,400.00, which increased by 6.25%.

Bessent stated on Monday that many of America's key trade partners have proposed "very good" suggestions to avoid U.S. tariffs, with India likely to be among the first countries to sign a trade agreement with the United States.

Top 10 Options Trading Volume:

Tesla Motors, Inc.(TSLA.US) saw an overnight increase of 0.33%. The total daily options volume reached 2.78 million contracts, down by 3.3242 million from the previous day, representing a 0.55-fold decrease. The open interest stands at 8.38 million contracts.

NVIDIA Corporation(NVDA.US) experienced an overnight decline of 2.05%. The daily options volume totaled 2.41 million contracts, a reduction of 3.1604 million from the previous day, marking a 0.57-fold decrease. The open interest is at 21.61 million contracts.

According to the Wall Street Journal, Huawei is in the final testing phase of its latest AI chip, Ascend 910D, aiming to replace Nvidia's flagship AI chip, H100. Huawei has approached several major Chinese tech companies to arrange testing for Ascend 910D, with the first batch potentially delivered to clients by late May.

SOFI TECHNOLOGIES INC(SOFI.US) rose by 2.48% overnight. The daily options volume reached 850,000 contracts, an increase of 468,700 from the previous day, representing a 1.22-fold increase. The open interest is at 2.87 million contracts.

Intel Corporation(INTC.US) increased by 2.29% overnight. The daily options volume was 350,000 contracts, down by 446,100 from the previous day, indicating a 0.56-fold decrease. The open interest stands at 5.64 million contracts.

Alphabet Inc. Class A(GOOGL.US) fell by 0.83% overnight. The daily options volume reached 300,000 contracts, a reduction of 657,000 from the previous day, showing a 0.68-fold decrease. The open interest is at 3.14 million contracts.

Insiders reveal that Alphabet, Google's parent company, plans to issue approximately $4 billion in U.S. high-grade corporate bonds on Monday. The company intends to sell the bonds in up to four tranches. The longest tranche, a 40-year bond, is expected to yield 1 to 1.05 percentage points above U.S. Treasuries, according to a source who requested anonymity due to the confidentiality of the details.

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

Options Activity Tracking:

EyePoint Pharmaceuticals, Inc.(EYPT.US) increased 6.44% overnight. The put option EYPT 180725 P 7.5, with a strike price of $7.5 and expiring on July 18, 2025, traded 9,800 contracts, dropping 10.34%.

Virgin Galactic(SPCE.US) rose by 7.02% overnight. The call option SPCE 020525 C 3.5, with a strike price of $3.5 and expiring on May 2, 2025, traded 37,600 contracts, increasing by 300%.

Core Scientific Inc Ordinary Shares - New(CORZ.US) fell by 0.84% overnight. The put option CORZ 191225 P 7, with a strike price of $7.0 and expiring on December 19, 2025, traded 10,000 contracts, decreasing by 1.43%.

Enterprise Products Partners L.P.(EPD.US)  increased by 0.48% overnight. The call option EPD 020525 C 32, with a strike price of $32.0 and expiring on May 2, 2025, traded 21,000 contracts, with no change in value.

Colombier Acquisition Corp. Class A(CLBR.US) surged by 15.74% overnight. The call option CLBR 200625 C 15, with a strike price of $15.0 and expiring on June 20, 2025, traded 6,900 contracts, rising by 260%.

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) experienced an overnight decline of over 5%. The total options volume reached 3,967 contracts, with implied volatility rising to 140.31%.

High IV stocks:

Data source: Barchart, data as of April 28, 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