Daily Options Outlook | SK Hynix debuts options trading, U.S. stock premium widens further; June CPI data due tonight, with positive earnings expectations for the top five banks
Today's Options Opportunity Preview
On a macro level,$Invesco QQQ Trust (QQQ.US)$Up 0.42% in pre-market trading,$SPDR S&P 500 ETF (SPY.US)$Down 0.07% in pre-market trading,The U.S. June CPI will be released at 8:30 a.m. ET.Markets expect headline CPI year-over-year to ease from 4.2% to 3.8%, with core CPI rising 0.2% month-over-month and 2.8% year-over-year. If the data comes in hotter than expected, U.S. Treasury yields and the dollar could again weigh on tech stocks; if inflation shows signs of cooling, the semiconductor sector—which has seen significant recent pullbacks—could gain momentum for a rebound. Options market data shows that QQQ’s put/call volume ratio dropped to 1.11 on the previous trading day,Implied volatility(implied volatility) reached 27.30%.
At the individual stock level, $SK hynix (SKHY.US)$ The stock rose approximately 7% in pre-market trading, with its first options series beginning trading today. SK Hynix climbed in pre-market action to around $162.82, partially recovering from the prior session's 9.3% decline.Based on SK Hynix’s July 14 closing price in the Korean market and the exchange rate at that time, the pre-market premium of SKHY over its Korean-listed shares briefly reached approximately 27%.Meanwhile, newly launched leveraged ETFs will also begin trading today, and derivatives are expected to further boost short-term investor interest. The first-day options trading may generate notable price discovery activity, though high implied volatility and wide bid-ask spreads could increase trading difficulty.
$Wells Fargo & Co (WFC.US)$ 、 $JPMorgan (JPM.US)$ 、 $Bank of America (BAC.US)$ 、 $Citigroup (C.US)$ and $Goldman Sachs (GS.US)$ Earnings reports will be released throughout the day.Market expectations are relatively optimistic, as geopolitical tensions have continued to escalate since 2026, coupled with industry uncertainty driven by artificial intelligence, keeping market volatility elevated., and $SpaceX (SPCX.US)$ The IPO event has provided ongoing support for trading operations.
Note that the CPI release will follow approximately one and a half hours after the earnings announcement., the initial reaction in bank stocks could be reshaped again by interest rate expectations.A sustainable upside breakout would be more credible only if earnings exceed expectations and the stock price maintains strength after the CPI release; if earnings improve but net interest income guidance is weak, or if the stock gaps up but then steadily declines, it may turn into post-earnings expectation fulfillment.
Review of yesterday's options market
Index Options
On July 13 (ET), U.S. equity index options market volume declined, with a total of 5.76 million contracts traded. The put/call volume ratio rose to 1.10.
On the upcoming expiration date, $S&P 500 Index (.SPX.US)$ options volume distribution shows the following characteristics: peak put volume at the 7,400 strike, and peak call volume at the 7,550 strike.
Individual stock options
$Microsoft (MSFT.US)$ rose 1.53%, with 846,800 options contracts traded, and the put/call volume ratio increased to 0.33. New York became the first U.S. state to pause construction of large data centers, posing a challenge to AI infrastructure expansion plans of tech giants like Microsoft.
 reached 27.30%. At the individual stock level, $SK hynix (SKHY.US)$ Shares rose about 7% in pre-market trading, with the first batch of options beginning trading today following the listing. SK Hynix climbed to around $162.82 in pre-market action, partially recovering from the prior session's 9.3% decline.Based on SK Hynix’s closing price in Korea on July 14 and the exchange rate at that time, the pre-market premium of SKHY over its Korean-listed shares briefly reached approximately 27%.. Meanwhile, newly launched leveraged ETFs will also begin trading today, with derivatives likely to further boost short-term investor interest. The first day of options trading may generate significant price discovery activity, but...](https://nnqimage.futunn.com/sns_client_feed/900090/20260714/web-1784023407719-DE0K9KzHQ0.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
$Oracle (ORCL.US)$ fell 6.47%, with 502,200 options contracts traded, and the put/call volume ratio rose to 0.45. Oracle’s stock dropped to its lowest level in nearly a year as investors expressed concerns over its $95 billion AI infrastructure capital expenditure plan.
 reached 27.30%. At the individual stock level, $SK hynix (SKHY.US)$ Shares rose about 7% in pre-market trading, with the first batch of options beginning trading today following the listing. SK Hynix climbed to around $162.82 in pre-market action, partially recovering from the prior session's 9.3% decline.Based on SK Hynix’s closing price in Korea on July 14 and the exchange rate at that time, the pre-market premium of SKHY over its Korean-listed shares briefly reached approximately 27%.. Meanwhile, newly launched leveraged ETFs will also begin trading today, with derivatives likely to further boost short-term investor interest. The first day of options trading may generate significant price discovery activity, but...](https://nnqimage.futunn.com/sns_client_feed/900090/20260714/web-1784023419469-Zz9Ugk8qi7.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Top Option Volume Rankings
Among the top 10 stocks by option volume,$SpaceX (SPCX.US)$ recorded the highest put/call volume ratio at 1.35. The U.S. Federal Aviation Administration concluded its investigation into SpaceX's Starship 12th test flight anomaly and approved the 13th test flight for this week.
 reached 27.30%. At the individual stock level, $SK hynix (SKHY.US)$ Shares rose about 7% in pre-market trading, with the first batch of options beginning trading today following the listing. SK Hynix climbed to around $162.82 in pre-market action, partially recovering from the prior session's 9.3% decline.Based on SK Hynix’s closing price in Korea on July 14 and the exchange rate at that time, the pre-market premium of SKHY over its Korean-listed shares briefly reached approximately 27%.. Meanwhile, newly launched leveraged ETFs will also begin trading today, with derivatives likely to further boost short-term investor interest. The first day of options trading may generate significant price discovery activity, but...](https://nnqimage.futunn.com/sns_client_feed/900090/20260714/web-1784023431769-dPpxrAMiFF.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
The highest put/call open interest ratio belongs to$Micron Technology (MU.US)$, reaching 1.43. Micron Technology's stock fell 5.1% amid concerns that aggressive production ramp-ups by competitors could drive down prices.
 reached 27.30%. At the individual stock level, $SK hynix (SKHY.US)$ Shares rose about 7% in pre-market trading, with the first batch of options beginning trading today following the listing. SK Hynix climbed to around $162.82 in pre-market action, partially recovering from the prior session's 9.3% decline.Based on SK Hynix’s closing price in Korea on July 14 and the exchange rate at that time, the pre-market premium of SKHY over its Korean-listed shares briefly reached approximately 27%.. Meanwhile, newly launched leveraged ETFs will also begin trading today, with derivatives likely to further boost short-term investor interest. The first day of options trading may generate significant price discovery activity, but...](https://nnqimage.futunn.com/sns_client_feed/900090/20260714/web-1784023443872-6GYa1TOVZM.png/big?area=1&is_public=true&imageMogr2/ignore-error/1/format/webp)
Implied Volatility Rankings (underlying market cap > $1 billion and option volume > 100,000 contracts)
$Sellas Life Sciences (SLS.US)$Implied volatility peaked at 219.08%, down 12.78% from the previous trading day. Sellas Life Sciences options posted an implied volatility of 219.08%, with 131,400 contracts traded for the July 13 expiration.
$Figma Inc (FIG.US)$Implied volatility rose the most, reaching 101.43%, up 17.06% from the previous trading day. Citi analysts reaffirmed their Buy rating on Figma and raised the price target to $36, arguing that AI-related concerns have been overblown.
Risk Warning
An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or before that date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.
Implied volatility reflects the market's expectation of the option's volatility over a certain period in the future. It is derived inversely from the BS pricing model of options and is generally considered an indicator of market sentiment. When investors anticipate greater volatility, they may be more willing to pay higher prices for options to hedge risks, resulting in higher implied volatility.
Traders and investors use implied volatility to assessOption priceto enhance attractiveness, identify potential mispricing, and manage risk exposure.Disclaimer
This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any form of guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit you made. Even if you place contingent orders, such as 'stop-loss' or 'limit' orders, there is no assurance these will prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin funds on very short notice. If you fail to meet such a margin call within the specified timeframe, your open positions may be liquidated. Nevertheless, you remain liable for any resulting deficit in your account. Therefore, you should thoroughly research and understand options before trading and carefully consider whether such transactions are suitable for you based on your financial condition and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and handling expirations, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not appropriate for all investors. Investors should carefully read"Characteristics and Risks of Standardized Options"。
This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any form of guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit you made. Even if you place contingent orders, such as 'stop-loss' or 'limit' orders, there is no assurance these will prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin funds on very short notice. If you fail to meet such a margin call within the specified timeframe, your open positions may be liquidated. Nevertheless, you remain liable for any resulting deficit in your account. Therefore, you should thoroughly research and understand options before trading and carefully consider whether such transactions are suitable for you based on your financial condition and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and handling expirations, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not appropriate for all investors. Investors should carefully read"Characteristics and Risks of Standardized Options"。
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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