Puts Stack Up as Nike Earns, Chips Churn

Options traders are bracing for a busy close to June. NKE sits at the center of the action with earnings due imminently.

The July 17 expiry chain for Nike shows heavily skewed put open interest. The $35 put strike alone carries open interest of 3,828 contracts. That dwarfs call positioning at the same level. Traders are paying up for downside protection into the print. Nike's short interest sits at 5.1% of free float. Bears are not yet piling in aggressively, but the options market tells a more cautious story.

NVDA shows a strikingly different picture. Short interest is just 1.3% of free float. Yet Nvidia has 25 distinct expiry dates stretching out to September. That density reflects enormous speculative appetite. Near-dated weekly options expiring June 29 and 30 are already active. Traders are positioning around every data point and event.

Airlines are also drawing attention. Analysts lifted UAL and DAL this week. Both carry options expiries through September. The July 17 date will be key. That falls well inside the next round of sector earnings. Calls may be the play if travel demand data holds up.

The macro backdrop adds complexity. A key US inflation gauge hit a three-year high Friday. That read pressures rate expectations. Elevated inflation typically weighs on equity sentiment and lifts put demand broadly. Watch SPY put volume closely into the weekend.

This article is not financial advice.