US stocks rallied on Thursday (April 24), with Big Tech leading the way as investors digested the latest signals from President Trump and his top advisers on tariffs.

Regarding the options market, a total volume of 46,993,125 contracts was traded on Thursday, call ratio accounts for 55%.

Top 10 Option Volumes

Top 10: NVDA; TSLA; PLTR; INTC; AAPL; AMZN; MSTR; SMCI; AMD; VIX

Source: Tiger Trade App

Palantir Technologies has been on a tear lately. Shares have been up for three consecutive days, gaining nearly 18%. On Thursday, the stock closed at $108, the highest level since late February.

It seems the good times are set to continue, as Piper Sandler analysts noted on Thursday that Palantir shares appear to have broken out from a so-called falling wedge formation, a reversal that indicates potential gains.

Piper Sandler said the stock appeared to be moving towards its February highs and that it "appears likely" it would test those levels. Palantir notched a record closing high of $124.62 on Feb. 18.

Bullish options related to Palantir saw big gains. For example, the $107 strike call options expiring this Friday closed at $0.11 on Tuesday, while this option staged a dramatic comeback in the following two trading days and soared to $2.40 at one time on Thursday.

$PLTR 20250425 107.0 CALL$

Source: Tiger Trade App

Unusual Options Activity

Source: Market Chameleon

Google parent Alphabet stock rose 2.5% on Thursday and continued to rise another 5% in after-hours trading. Alphabet said it would buy back $70 billion worth of shares as it reported first-quarter profit above Wall Street expectations on Thursday.

Alphabet beat quarterly revenue estimates, benefiting from steady growth in its digital advertising business, which helped offset muted growth at its cloud computing unit.

U.S. President Donald Trump's trade policy has triggered worries of an economic downturn, prompting companies to rethink their spending on advertising. But analysts say the digital ad market still held its ground in the first quarter.

"Search saw continued strong growth, boosted by the engagement we’re seeing with features like AI Overviews, which now has 1.5 billion users per month," CEO Sundar Pichai said in a statement.

A total number of 730,383 options related to Alphabet was traded, of which 67% were call options. A particularly high volume was seen for the $170 strike call option expiring this Friday, with 37,849 contracts trading as of Thursday.

$GOOGL 20250425 170.0 CALL$

Source: Market Chameleon

Based on option delta volume, traders bought a net equivalent of 193,402 shares of GOOGL stock. The largest bullish delta came from buying calls.

Source: Market Chameleon

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.

Top 10 bullish stocks: NVDA; PLTR; MRK; NFLX; META; AAPL; SMCI; NEM; GOOGL; C

Top 10 bearish stocks: CSCO; AMZN; INTC; JNJ; CMCSA; BMY; AVGO; NKE; PARA; APO

Source: Market Chameleon

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