Today's Options Market Update

Stocks Down Again as Higher Oil Prices, Yields Weigh on Investor Sentiment

September 15, 2026 Nathan Peterson

Stocks are lower across the board as concerns around higher oil, rising Treasury yields and potential inflationary forces sideline investors.

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Stocks slipped after the 10-year Treasury note yield climbed above 5.04% earlier today, the highest level since 2007. Oil also continued its relentless ascent. The Federal Reserve gathers today ahead of a decision tomorrow afternoon, with odds of a rate hike now at 92%, according to the CME FedWatch Tool.

After yesterday's 5% plunge in chips on concerns of an AI slowdown, OpenAI CEO Sam Altman and Salesforce CEO Marc Benioff are scheduled for a discussion at the Salesforce (CRM) Dreamforce Conference on the future of technology. It might get a close look considering renewed concerns about AI safety and calls for regulation. In addition, Treasury Secretary Scott Bessent testifies before Congress, where he might field questions on rising yields, inflation trends, and energy prices.

On Monday, major indexes fell for the fifth session in the last six on surging oil, the drag from AI, and rate hike expectations. "When we think about the main drivers of inflation—tariffs, energy, and AI capex—none have slowed materially," said Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research (SCFR). "All of that adds up to strong headwinds for inflation returning to 2%, and thus a Fed that is increasingly looking like it has to hike."

Source: Schwab Center for Financial Research

Morning Rush

The 10-year U.S. Treasury yield (TNX) is higher by ~4 basis points to 5.00%.

The U.S. Dollar Index ($DXY) is higher by 0.21 at 99.60.

WTI Crude Oil (/CL) October futures are higher by 3.15% to $104.58/barrel.

Gold prices have traded in a range of $4,301.60-4,358.20 and were last seen trading lower by ~0.78% to $4,317.80/oz.

Natural Gas prices for September futures have traded in a range of $2.87-2.952 today and were last seen trading higher by 1.10% to $2.928.

Bitcoin (BTC) is lower by ~2.77% over the last 24 hours to $75,982.22 today.

Today's Bullish Activity

Shares of Forgent Power Solutions Inc. (FPS + $3.54 to $32.18) are moving higher this morning after the electrical-distribution equipment maker reported Q4 adjusted EPS of $0.31 ($0.07 beat) on Q4 revenue that increased 94.30% year-over-year (YoY) to $461.672M (above the $429.94M expected). The company also provided better-than-expected guidance as fiscal-year 2027 (FY27) adjusted EPS is expected to come in a range of $1.26-1.40 and FY27 sales expected to come in a range of $2.40-2.60B versus the respective $1.14 & $2.078B consensus estimates. Calls are outpacing puts better than 4:1 with the September 18^th 32.50 call seeing the most action from traders (volume is 11,651).

Also trading to the upside this morning is ResMed Inc. (RMD + $9.98 to $232.97) after RBC Capital upgraded the medical device maker to “Outperform” from “Sector Perform” and bumped their price target on the stock to $262.00 from $244.00. RBC Capital analyst Craig Wong-Pan believes the company will continue benefiting from increased awareness and penetration of the global obstructive sleep apnea market. Option volume is light at the time of this writing with the September 18^th 240.00 call being the highest volume contract (volume is 14).

New 52-week highs (44 new highs today): Apa Corp. (APA + $1.91 to $46.94), Dell Technologies Inc. (DELL + $21.04 to $555.32), Natera Inc. (NTRA + $2.07 to $343.86)

Notable Call Activity

Some unusual call activity (~8:1 calls over puts on 10x average daily volume at midday) is being seen in Warby Parker Inc. (WRBY - $1.45 to $24.26) as option traders primarily target the September 18^th 26.00 call. Volume on this contract is 3,800 versus open interest of 109, so it’s likely that nearly all the volume represents fresh positioning. The bulk of the transactions consisted of various-sized blocks that were bought at various times for between $0.60-0.65 each, which suggests bullish intent.

Today's Bearish Activity

Shares of Ascendis Pharma A/S (ASND - $34.89 to $230.02) are under pressure this morning after Raymond James downgraded the biopharmaceutical company to “Outperform” from “Strong Buy” while maintaining their $287.00 price target on the stock. Following news that ASND will regain rights to the TransCon metabolic and cardiovascular programs from Novo Nordisk, analysts at Raymond James acknowledge the long-term earnings potential of the move but feel it will occur over an elongated timeline. Calls and puts are trading roughly even with the October 16^th 220.00 put being the highest volume contract (volume is 287).

Also trading to the downside this morning is Lear Corp. (LEA - $1.11 to $127.76) after JPMorgan downgraded the automotive seating manufacturer to “Neutral” from “Overweight” and cut their price target on the stock to $150.00 from $175.00. Analysts at JPMorgan said the company ranks weaker in the auto supplier group and believe the stock could be range bound until LEA’s 2028 growth inflection nears. Option volume is tepid at the time of this writing with the September 18^th 125.00 put being the only contract traded today (volume is 1).

New 52-week lows (209 new lows today): Aptiv PLC (APTV - $1.01 to $43.78), Burlington Stores Inc. (BURL - $2.56 to $229.68), Lowe’s Companies Inc. (LOW - $2.95 to $195.22)

Notable Put Activity

Some unusual put activity (~4:1 puts over calls) is being seen in Five9 Inc. (FIVN + $1.44 to $33.19) as option traders primarily target the October 16^th 27.50 put. Volume on this contract is 3,093 versus open interest of 1,131, so we know that the volume primarily represents fresh positioning. The bulk of the transactions consisted of various-sized blocks that were bought around the same time at the ask price of $0.45 each, which suggests bearish intent.

Volume Signals

CareTrust REIT Inc. (CTRE + $0.52 to $38.63): Option volume is running at ~300x the daily average on this senior living and healthcare-related real estate investment trust (REIT) as option traders primarily target the September 18^th 40.00 call. Volume on this contract is 4,238 versus open interest of 88, so it’s likely that nearly all the volume represents fresh positioning. The bulk of the transactions consisted of various-sized blocks that were bought around the same time at the ask price of $0.10 each, which suggests bullish intent.

Elanco Animal Health Inc. (ELAN + $0.25 to $23.40): Option volume is running at ~27x the daily average on this animal health company which is primarily being driven by a 1,880 contract block that was bought on the September 18^th 23.00 call for $0.78 when the bid/ask spread was $0.50 x $0.85 (open interest is 21). We know that this block is a new position based on the open interest figure, and we can assume that the intent is bullish in nature since the trade took place above the midpoint of the bid/ask spread.

United Airlines Holdings Inc. (UAL - $3.39 to $105.57): Option volume is running at ~14x the daily average on this airliner which is primarily being driven by a couple of large blocks that simultaneously traded on the October 16^th expiration earlier this morning:

135.00 call (open interest is 5,279): A 31,400 contract block was bought for $2.23 when the bid/ask spread was $1.91 x $2.30.
120.00 call (open interest is 2,474): A 31,400 contract block was sold for $0.37 when the bid/ask spread was $0.31 x $0.70.

We know that both these blocks are new positions based on the respective open interest figures, and it appears that a $15.00-wide bull call spread was established for a net debit of $1.86 (x 31,400 contracts x 100 multiplier, excluding commissions). The positioning suggests that the block trader believes UAL will close above the break-even price of $121.86 at expiration.

Gauging Volatility

The Cboe Volatility Index (VIX + 0.57 to 17.67) has been on both sides of the unchanged line today (the intraday range is 16.79-18.03), as equity markets are lower across the board around the midday mark (DJI - 493, SPX - 38, $COMP - 191, RUT - 27). VIX option volume has been above average today at 433,558 contracts, and calls are outpacing puts nearly 3:1 so far today.

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