Options Market Eyes Earnings Prints and Macro Drag

Unusual options activity is clustering around a handful of names ahead of a busy week of earnings. The signal from both semiconductor hedges and biotech calls is worth watching.

Micron Technology and Advanced Micro Devices top the bearish options flow table by negative bet volume over the past seven days. Chip stocks have had a volatile few weeks. CNBC noted the S&P 500 and Nasdaq closed lower as a chip-stock rebound stalled. Negative bets on NVIDIA and Intel are also elevated. Macro headwinds may be a factor: euro-area unemployment climbed to 6.5% in September 2026, the highest September level in two years, while France's rate hit 8.5%, a five-year September high.

On the bullish side, United Therapeutics stands out. ORTEX data shows short covering holding and options leaning bullish ahead of Wednesday's earnings print. The stock carries a short interest of 6.3% of free float, with an RSI of 70. Availability is extremely high at 2,740%, meaning bears face little friction if sentiment reverses. The options expiry ladder runs from 20 November through January 2027.

Circle Internet Group tells a different story. The stock has slid 16% year-to-date and carries 13.3% short interest of free float. Insiders have been selling. Options volume is active with near-term expiries running weekly through December. The bearish positioning here looks more entrenched.

Rocket Companies also catches the eye. Its ORTEX short score sits at 60, days-to-cover at 8.7, and the stock is down 34% year-to-date. High DTC means any bullish options sweep could amplify moves quickly.

The broader macro picture adds context to the defensiveness in flows. India recorded just 85,038 new car registrations in October 2026, the lowest October figure since 2017, and Italy's figure was the weakest in four years. Consumer stress in major economies is filtering into options positioning across cyclicals and financials.