US stocks ended the session slightly lower on Tuesday, as government bond yields continued their ascent ahead of inflation and labor market data, while investors assessed comments from Federal Reserve officials for the path of interest rates.
Regarding the options market, a total volume of 63,239,681 contracts was traded, of which 57% were call options.
Top 10 Option Volumes
Top 10: NVIDIA, Tesla Motors, Apple, Meta Platforms, SpaceX, Oracle, Intel, Amazon.com, Cboe Volatility Index, Microsoft
Oracle closed at $137.79, up 3.91%. The options market saw unusually large bullish positioning, headlined by a $9.52 million net-debit call calendar spread centered on the 150–160 strike zone. A separate $2.04 million short put sale at the June 17, 2027 100 strike added to the constructive tone, indicating comfort with downside risk at much lower levels.
Large Trades
A calendar-style call spread package with a net debit of $9.52 million was the largest large trade of the day, built entirely with out-of-the-money calls and centered on the 150, 155, and 160 strikes. The structure bought longer-dated October 16, 2026 calls while selling shorter-dated October 2, 2026 calls at the same general strike area, with an additional small short position in the October 16, 2026 150 call. This is best read as a multi-leg diagonal/calendar call spread established for a net debit, signaling a bullish directional bet that also leverages time-structure differences rather than a pure outright call purchase. Strategically, the trader appears to be positioning for upside toward the 150–160 zone over time, while using the short near-dated calls to partially finance the longer-dated upside exposure, making it a premium-efficient way to express constructive medium-term expectations.
A short put sale worth $2.04 million in the June 17, 2027 100.0 put was the second highlighted large trade, and it was placed at a strike well below the current stock reference price of 137.79, leaving it out of the money. This single-leg trade reflects a moderately bullish stance: the seller is effectively expressing confidence that Oracle is unlikely to break materially below 100 by expiration, while collecting premium and potentially being willing to accumulate shares at a much lower effective entry level if assigned.
Unusual Options Activity
Apple closed 2.66% lower at $329.4. The large-trade flow was clearly bullish, anchored by a $4.15 million diagonal put spread that suggested institutions were paying meaningful premium for longer-dated downside protection while partially financing it through a nearer-dated short put. A much smaller bear call spread collected $14,300 in premium, reflecting a tactical capped-upside view rather than a high-conviction bearish bet. Overall, the bulk orders pointed toward institutional positioning biased toward upside or stability above current levels.
Large Trades
A bull put spread with a net debit of $4.15 million was the dominant large trade, and despite the label in the feed, its construction points to a time-spread style put combination rather than a standard same-expiry vertical. The trader bought 2,000 Jan. 21, 2028 $330 puts for $6.34 million and sold 2,000 Nov. 20, 2026 $330 puts for $2.19 million, leaving a net debit of $4.15 million. With AAPL referenced at $329.40, both legs were in the money at execution. Strategically, this looks like a bullish-to-defensive positioning structure: the short nearer-dated put helps collect premium, while the longer-dated long put preserves downside protection and optionality over a much longer horizon, suggesting the trader was willing to pay meaningful premium for duration while partially financing it through the short leg.
A bear call spread with a net credit of $14,300 was the other displayed large trade. The trader sold 1,100 Oct. 5, 2026 $350 calls and bought 1,100 Oct. 2, 2026 $352.5 calls, collecting a net credit of $14,300. With spot at $329.40, both calls were out of the money, so the structure reflects a mildly bearish or capped-upside view over a short-dated window. As a spread strategy, this is a premium-collection trade that benefits if AAPL stays below the short $350 strike, indicating the trader did not expect a sharp upside breakout into that area before expiration.
Overall, the large-trade flow was clearly bullish. The defining feature was the overwhelmingly larger premium committed to the bullish put structure, while the bearish call spread was comparatively small and looked more like tactical premium collection than a high-conviction downside bet. Taken together, the bulk orders suggest institutional positioning remains biased toward upside or at least toward stability above current levels, with traders willing to spend meaningful premium for longer-dated constructive exposure while using smaller bearish structures only as limited-risk income trades.