Tech Hardware Sector Drives 35% SPX Option Volume, Posts 38% Gains
Apple featured in the tech hardware sector that accounted for 35% of SPX option buy-to-open volume since April 2, with a 2.17 call/put ratio and average sector returns of 38% (Intel up 115%). The Magnificent 7 saw a $273 billion one-day sell-off and Nvidia reports earnings today.
1. Sector Option Activity
Since April 2, the technology hardware sector—which includes Apple—accounted for 35% of all buy-to-open option volume in S&P 500 stocks. Option buyers placed 2.17 calls for every put, marking the fastest shift from extreme bearish to bullish sentiment on record.
2. Tech Hardware Performance
Over this period, the tech hardware group delivered a 38% average return, led by Intel’s 115% gain. Apple, Nvidia, AMD and Micron Technology all ranked among the top ten stocks by BTO volume, underscoring heavy bullish positioning.
3. Magnificent 7 One-Day Sell-Off
Between May 14 and May 19, the Magnificent 7 lost $273 billion in market value, driving a 1.97% correction in the S&P 500. This pullback reflects profit-taking and rising skepticism despite recent rally highs.
4. Nvidia Earnings Preview
Nvidia’s earnings report is due today, with investors focused on AI-driven revenue growth and guidance. Results could set the tone for broader tech sentiment and influence call/put demand in related hardware names.