U.S. stocks suffered steep losses on Monday (April 21) as U.S. President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, prompting investors to worry about the central bank's independence even as they grapple with the effects of Trump's ongoing, erratic trade war.

Regarding the options market, a total volume of 42,598,454 contracts was traded on Monday, call ratio rose to 53%.

Top 10 Option Volumes

Top 10: NVDA; TSLA; AAPL; AMZN; VIX; PLTR; MSTR; AMD; NFLX; META

Source: Tiger Trade App

Nvidia shares sank 4.5% on Monday trading. Huawei Technologies plans to begin mass shipments of its advanced 910C artificial intelligence chip to Chinese customers as early as next month, two people familiar with the matter said.

The timing is fortuitous for Chinese AI companies which have been left scrambling for domestic alternatives to the H20, the primary AI chip that Nvidia had until recently been allowed to sell freely in the Chinese market. This month, U.S. President Donald Trump's administration told Nvidia that sales of the H20 would require an export licence.

A total number of 3.12 million options related to Nvidia was traded on Monday, of which 59% were call options. A particularly high trading volume was seen for the $100 strike call option expiring this week, with a total number of 121,835 option contracts traded as of Monday.

Source: Market Chameleon

Tesla, the electric-vehicle maker, fell 6% to $227.42. Reuters reported Tesla might delay releasing a lower-priced model, which has been widely anticipated by investors for this year. The report said plans for a stripped-down version of Tesla's Model Y crossover vehicle were being delayed, with significant production planned for 2026. Tesla is scheduled to report first-quarter earnings after the closing bell Tuesday, which comes amid falling sales at the EV maker. Coming into Monday, shares have declined 40% this year.

Barclays late Thursday lowered its price target on Tesla to $275 from $325 and maintained an Equal Weight rating on the shares. Barclays analyst Dan Levy said he sees a "confusing" setup into Tesla's earnings report. The analyst believes it will be difficult for Tesla to increase deliveries in 2025.

There are 1.46 million Tesla option contracts traded on Monday. Call options account for 64% of overall option trades. Bearish options related to Tesla saw big gains on Monday. For example, the $225 strike put option expiring this Friday soared 80%.

$TSLA 20250425 225.0 PUT$

Source: Tiger Trade App

Unusual Options Activity

Source: Market Chameleon

Netflix stock up 1.5% in premarket trading. Netflix Inc. reported record profit to start the year, allaying concerns of a slowdown or fears the streaming leader might be hurt by growing economic uncertainty.

First-quarter earnings rose 25% to $6.61 a share, the company said Thursday, easily beating analysts’ estimates. Sales grew to $10.5 billion, in line with projections. The results were boosted by a recent price increase and a strong slate of programming across the globe, like the hit UK series Adolescence.

There are 281,192 Netflix option contracts traded on Monday. Call options account for 60% of overall option trades. Based on option delta volume, traders bought a net equivalent of 85,296 shares of Netflix 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: JNPR; SMCI; PLTR; NEM; VZ; WMT; NFLX; KVUE; WFC; VST

Top 10 bearish stocks: SBUX; BAC; BIIB; KR; AMZN; LKQ; ADM; NVDA; GOOG; HAL

Source: Market Chameleon

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