Today's Options Market Update

Stocks Down, Tracking for Another Losing Week

March 20, 2026 Joe Mazzola

Stocks resumed their descent, on track for a fourth straight losing week despite oil falling on U.S. efforts to re-open the Strait. Treasury yields rose as rate cut odds dried up.

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Stocks fell again this morning, on track for a fourth straight losing week. The early retreat came despite weakness in oil after The Wall Street Journal reported that U.S. war planes and helicopters are beginning an effort to re-open the critical Strait of Hormuz. Data and earnings are sparse, so war remains center stage along with concerns that rising inflation could spoil hopes for any rate cuts this year.

"PPI has come in hot two months in a row, so it's not just about Iran and higher oil prices, it's also about sticky inflation and market expectations around Fed policy," said Nathan Peterson, director of derivatives research and strategy at the Schwab Center for Financial Research (SCFR). Odds of a Federal Reserve rate cut this year fell from 95% to less than 15% over the last month, affected by the oil surge but also by this week's surprisingly hot Producer Price Index (PPI) for February—data collected before the war began. Treasury yields rose again this morning to near recent peaks, another pressure point for stocks.

On Thursday, major indexes finished down but off their lows. A decline in crude oil that carried into this morning provided a tailwind after Israeli Prime Minister Benjamin Netanyahu said Israel is helping the U.S. reopen the Strait. Reports that Europe and Japan are ready to assist as well also weighed on crude, as did today's headlines, though it could take weeks to clear traffic if the operation is successful, The Wall Steet Journal said. While pre-weekend war worries might keep traders cautious, the Fed is on their plates tomorrow when Chairman Jerome Powell makes brief award acceptance comments at a conference after the Fed left rates unchanged Wednesday.

Source: Schwab Center for Financial Research

Morning Rush

The 10-year U.S. Treasury yield (TNX) is higher by 10 bps to 4.38%.

The U.S. Dollar Index ($DXY) is higher by 0.41% to 99.65.

The CBOE Volatility Index^® (VIX) is higher by 6.73% to 25.68.

WTI Crude Oil (/CL) is higher by 0.92% to $96.42/barrel.

Bitcoin (BTC) is down by 0.91% to $69,720.

Ethereum (ETH) is down by 1.00% to $2,124.

Today's Bullish Activity

Shares of Planet Labs PBC (PL + $8.35 to $35.30) are soaring today by over 31.00% to a 52-week high, after the satellite imaging firm reported revenue for Q4 that beat the average analyst estimate and provided a revenue forecast for 2027 that was also a beat. For Q4, the company reported that revenue rose to $86.8 million, up from $61.6 million a year earlier. Analysts were expecting $78.2 million in revenue. For Q1, Planet Labs expects revenue in the range of $87 million to $91 million, versus the consensus estimate of $84.6 million. Going forward, expectations are for annual 2027 revenue of $415 million to $440 million, above the average estimate of about $380 million. The company said it is benefitting from heightened geopolitical tensions.

Option trading in PL currently stands at 57,718 contracts, 14x the average daily volume with calls outpacing puts 2:1. Leading the way are the following trades, expirations, and strikes:

March 20th, 2026, 30.00 call accounted for 3,565 contracts; open interest is 6,943 contracts.
March 20th, 2026, 35.00 call accounted for 2,668 contracts; open interest is 1,888 contracts.
March 20th, 2026, 35.00 put accounted for 2,059contracts; open interest is five contracts.

New 52-week highs (69 new highs today): Planet Labs PBC (PL + $8.35 to $35.30), Exxon Mobil Corp. (XOM + $3.00 to $161.16), Dell Technologies Inc. (DELL + $8.75 to $165.51), Occidental Petroleum Corp. (OXY + $1.47 to $61.05)

Notable Call Activity

Unusual call activity is noted today in Karyopharm Therapeutics (KPTI + $0.58 to $8.31), as call volume currently stands at 13,511 contracts, 11x the average daily volume. Activity is strongest in the April 17th, 2026, expiration month where over a large call vertical spread was purchased 6,700 times (13,400 options total). Traders bought the 10.00/17.50 call vertical spread for a price of $2.00 (x 6,700 contacts x 100 multiplier, excluding commissions). With a collective open interest of 2,800 contracts, we can assume this is new positioning (suggesting bullish intent). Shares of KPTI are down 23% from their recent 52-week high of $10.99 set about three weeks ago.

Another name exhibiting unusual call activity today is SS&C Technologies (SSNC - $1.51 to $70.33), as call volume has risen to 3,080 contracts in morning trading, 40x the average volume and 1000x the put volume. Nearly all the volume can be attributed to the May 15th, 2026, expiration month, specifically at the 75.00 strike. Trading has been two-sided with prices ranging from $2.10 - $2.30. Shares of SSNC are trading just above their 52-week low price of $69.00, set last month.

Today's Bearish Activity

Shares of Super Micro Computer (SMCI - $8.35 to $22.42) are down over 27.00% today, trading at a 52-week low, after an indictment was issued for the company's co-founder Wally Liaw, alleging he violated export controls and engaged in a backdoor scheme to divert Nvidia chips to China, according to U.S. government officials. In the indictment, the government is accusing co-founder Liaw of using Super Micro's servers to illegally transport advanced Nvidia chips to worth billions of dollars to China, per Bloomberg. While Super Micro was not named in the indictment, investors may be raising concerns about credibility and controls as Liaw is still a board member and the vice president of business development.

Option trading in SMCI currently stands at 393,429 contracts, 4x the average daily volume with calls and puts basically even. Leading the way are the following trades, expirations, and strikes:

March 20th, 2026, 22.00 put accounted for 21,956 contracts; open interest is 943 contracts.
March 27th, 2026, 20.00 put accounted for 19,453 contracts; open interest is 12,340 contracts.
March 20th, 2026, 20.00 put accounted for 19,115 contracts; open interest is 9,661 contracts.

New 52-week lows (178 new lows today): Super Micro Computer (SMCI - $8.35 to $22.42), Humancyte Inc. (HUMA- $0.03 to $0.82), Snap Inc. (SNAP - $0.06 to $4.50), Rithm Capital Corp. (RITM - $0.42 to $8.60)

Notable Put Activity

There is unusual put activity today in Revolution Medicines (RVMD - $2.00 to $97.29). This activity equates to over 10,335 put contracts, 65x average daily put volume and 6x the call volume. Nearly all the put activity can be attributed to a large put vertical spread that was sold in the April 17th, 2026, expiration month. Traders sold 5,000 of the 90.00/70.00 put verticals (10,000 options total) for a credit of $6.25 per contract. There were only 1,487 contracts of open interest between the two strikes, so we know this represents new positioning (suggesting neutral to bullish intent). Shares of RVMD have dropped 22% since their 52-week high price of $124.49, set just two months ago.

Unusual activity has also been detected in the iShares 7-10 Year Treasury Bond ETF (IEF - $0.87 to $94.88), as put volume stands at 240,240 contracts, 66x average volume and 30x call volume, in morning trading. A put diagonal trade between the March 20th and April 17th, 2026, expiration months is responsible for most of the volume. The diagonal trade was a roll of a long position in 83,244 of the March 20th 95.00 puts to the same size position at the 94.00 strike in April. Basically, the traders maintained their long puts, but rolled down a strike, paying $0.37 for the extra month. This is a bearish bet on bonds, with the potential assumption that rates will continue to rise.

Gauging Volatility

The Cboe Volatility Index (VIX + 1.66 to 25.68) is higher by 6.73% today as equity markets are lower across the board morning trading (DJI - 185, SPX - 48, COMPX - 253). VIX movement has occurred within a wider range today (the intraday range is 23.68 to 26.60). The highest volume contract is currently June 17th, 2026, 40.00 call (volume is 7,134 vs. open interest of 24,869).

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