Options activities show a sudden burst in bearish sentiment in the markets, particularly among large-cap tech stocks, following $33 million worth of put options being purchased.
What Happened: On Thursday, popular newsletter The Kobeissi Letter shared a chart on X, showing rising put option volumes among the “Magnificent 7” stocks, which comprise high-performing and influential U.S.-listed equities.
According to the X post, put volumes started to surge around 2 p.m. ET, ultimately reaching $33 million in total purchases before the closing bell. It marked the first time this week that bearish contracts outpaced bullish calls across the group.
“Options activity continues to be very telling,” the post says, highlighting how the late-day rotation into puts could reflect increased caution after a strong year-to-date run for most of the Magnificent 7, which have a combined market cap of over $16.3 trillion.
