The benchmark S&P 500 stock index ended Tuesday(Mar 4) at its lowest level since Nov. 4 — wiping out its gains seen since President Donald Trump’s Nov. 5 election victory on rising fears that the administration’s wide-ranging tariff salvo will slam economic growth.

Regarding the options market, a total volume of 63,652,886 contracts was traded on Tuesday, up 16% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA; TSLA; Cboe Volatility Index ; PLTR; AMZN; MSTR; Intel; AAPL; SoFi Technologies Inc. ; AMD

Source: Tiger Trade App

Electric-vehicle maker Tesla was down 4.4%, following a 2.8% drop on Monday, as Trump's tariffs announcement sent Wall Street reeling. Tesla assembles all its vehicles for the domestic market in the U.S., but about 15% of the parts in a Model Y sold in the U.S. come from Mexico. Some parts come from Canada as well, though an exact amount is harder to pin down. Meanwhile, preliminary data from the China Passenger Car Association said Tesla's sales of electric vehicles made in China dropped 49.2% in February.

A total number of 2.67M options related to Tesla Motors was traded on Tuesday, of which 51% were call options. A particularly high trading volume was seen for the $270 strike put option expiring Mar 7 2025, with a total number of 85,736 option contracts traded as of Tuesday. $TSLA 20250307 270.0 PUT$

Unusual Options Activity

Source: Market Chameleon

Bank of America (BAC) stock plummeted 6% on Tuesday, underperforming the broader market as President Donald Trump's new tariffs on major US trading partners fueled concerns over a potential trade war that could dent economic growth.

A total number of 300,176 options related to Bank of America was traded on Tuesday, up 58% from the previous trading day, of which 60% were call options. A particularly high trading volume was seen for the $44 strike call option expiring Mar 7 2025, with a total number of 13,202 option contracts traded as of Tuesday. $BAC 20250307 44.0 CALL$

TOP Bullish & Bearish Single Stocks

This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).

If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.

Based on option delta volume, traders bought a net equivalent of 4,994,536 shares of NVDA stock. The largest bullish delta came from buying calls. The largest delta volume came from the 17-Apr-25 Put, with traders getting long 666,796 deltas on the single option contract.

Top 10 bullish stocks: NVDA, F, WFC, PLTR, AMD, AAPL, JPM, WBA, SMCI, MU

Top 10 bearish stocks: KO, INTC, T, PFE, SLB, BA, D, AMZN, UBER, UAL

Source: Market Chameleon

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