Market Overview

U.S. stocks fell on Tuesday (Mar. 11), adding to the biggest selloff in months, as investors worried about the impact of the latest tariff threats on the global economy.

Regarding the options market, a total volume of 53,381,261 contracts was traded, down 12% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, PLTR, AMZN, NIO, MSTR, SMCI, META, HOOD

Source: Tiger Trade App

Tesla shares rallied 3.8% on Tuesday, after losing more than 15% of their value a day earlier. "As a function of the great policies of President Trump and his administration, and as an act of faith in America, Tesla is going to double vehicle output in the United States within the next two years," Musk said at an afternoon event at the White House, where President Trump said he would purchase a Tesla EV.

There are 3.42 million Tesla option contracts traded on Tuesday, down 5% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $220 strike put option expiring March 14, with 118,648 contracts trading. TSLA 20250314 220.0 PUT

NIO Inc., the Chinese electric vehicle manufacturer, surged 17% on Tuesday. This surge in stock price reflects investor optimism surrounding Nio's strategic developments and upcoming earnings report. NIO will be report its critical fourth-quarter and full-year financial data before the opening bell on Friday, March 21. The company also announced a new strategic relationship with a global automotive exterior coatings company.

There are 579.36K NIO option contracts traded on Tuesday, up 81% from the previous trading day. Call options account for 79% of overall option trades. Particularly high volume was seen for the $5 strike call option expiring March 14, with 43,141 contracts trading. NIO 20250314 5.0 CALL

Unusual Options Activity

Source: Market Chameleon

More U.S. airlines cut their earnings estimates on Tuesday, following a similar announcement from Delta Air Lines, saying mounting economic uncertainty has led to a pullback in corporate and consumer spending. On Tuesday, American Airlines forecast a wider first-quarter loss due to a sharp slowdown in revenue. The shares sank 8.3%.

There are 220.38K American Airlines option contracts traded on Tuesday, down 18% from the previous trading day. Put options account for 63% of overall option trades. Particularly high volume was seen for the $5 strike put option expiring December 17, 2027, with 20,051 contracts trading. AAL 20271217 5.0 PUT

Oracle issued quarterly results that trailed analysts' estimates and gave a forecast that came up short of expectations. The shares dropped 3.1% on Tuesday.

There are 197.46K Oracle option contracts traded on Tuesday, down 5% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $125 strike put option expiring April 17, with 12,337 contracts trading. ORCL 20250417 125.0 PUT

TOP 10 S&P 500 Bullish & Bearish

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 1,031,113 shares of Intel stock. The largest bullish delta came from selling puts. The largest delta volume came from the 20-Jun-25 Put, with traders getting long 811,213 deltas on the single option contract. INTC 20250620 24.0 PUT, INTC 20250620 20.0 PUT

Top 10 bullish stocks: INTC, TSLA, NCLH, META, PLTR, AMD, WBD, LUV, DAL, MKC

Top 10 bearish stocks: NVDA, PFE, VZ, GOOGL, AVGO, T, DIS, WFC, WBA; MU

Source: Market Chameleon

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