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Options traders have increased their positioning for a potential pullback in technology stocks, a defensive shift that persists even as major tech equities hit new all-time highs.
The build-up in protective contracts suggests market participants are preparing for volatility, even while the broader rally continues.
The Nasdaq-100 Index fell as much as 1.8% on Thursday following a Financial Times report indicating that OpenAI revenues are underperforming expectations.
As the index declined, the ratio of open put contracts to call contracts for the Invesco QQQ Trust reached 1.49, according to Barchart data. This figure represents the highest level since the final week of June.
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