Options Market Scans a Nervous Horizon

Options markets are signalling caution across several key names today as a heavy earnings slate, Fed commentary, and macro headwinds from Europe converge.

RDDT carries the sharpest bearish print in today's flow. Analysts cut price targets after the Q3 print, citing a drop of more than one million weekly search referrals from GOOGL. Reddit's RSI sits at just 30.9, deep in oversold territory, with 4.1 days to cover and a short score of 58.9. Put activity is elevated into today's expiry, with further weekly expiries stacked through November offering persistent downside hedges.

AMZN sits on the opposite side of the sentiment ledger. The stock tapped an $80 billion supplier loan facility to fund AI spending. Options markets are pricing near-term upside. RSI is at 40.7, giving room to run. Analysts see 36% upside to target. Active expiries run through January 2027, with a dense cluster around the November 6 and 13 dates, suggesting traders are positioning for the earnings print.

GILD attracted a fresh Truist buy with a $181 target. RSI is at 70.0, reflecting recent strength. The stock is up 35% year-to-date and carries a stockScore of 88.6. Options flow through today's expiry leans constructive.

At the macro level, the Fed's Musalem flagged inflation risks as still skewed higher. German unemployment hit 4.1% in September 2026, the highest September reading in ten years, per ORTEX Alt Data. That backdrop keeps put hedges on European-linked names bid. SPY options chains run expiries daily through November, with the heaviest open interest concentrated around the 13 November Russell 2000 review announcement date.