Options Market Statistics: Tech Rallies as Apple Buyback Plans Boost Stock, Options Pop

$Apple(AAPL.US)$ shares ended 5.98% higher, with option volume of nearly 2.89 million contracts, and calls accounted for 64.7% of the volume. The $180 and 185 calls expiring May 10, 2024 were traded most actively.

Technology stocks experienced a rally as investors shifted their focus back to the major tech companies, often referred to as the "Magnificent Seven." Apple's shares saw a significant increase following the announcement of an additional $110 billion share buyback plan. Despite a reported decline in iPhone sales for the fiscal second quarter, Apple's stock surged by more than 5% and approached record high levels. Investors remain optimistic about Apple's future, particularly with the anticipation of new iPhone models featuring generative artificial intelligence. Other large tech companies, such as $NVIDIA(NVDA.US)$ and $Microsoft(MSFT.US)$, also reached all-time highs during this period.

$GameStop(GME.US)$ shares ended 29.08%. Its options trading volume was 0.19 million. Call contracts account for 84.1%% of the total trading volume. The most traded contracts are $30 calls strike price that expire on May 17th. The total volume reaches 29,398 contracts.

There was a noteworthy activity in $Apple(AAPL.US)$, where multiple puts have topped volume to open interest ranking. The highest volume over open interest ratio reaches 244.4x with nearly 94,566 contracts.

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