{"id":102522,"date":"2025-11-17T00:00:00","date_gmt":"2025-11-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/17\/zero-day-options-are-quietly-capping-sp-500-rallies\/"},"modified":"2025-11-17T00:00:00","modified_gmt":"2025-11-17T00:00:00","slug":"zero-day-options-are-quietly-capping-sp-500-rallies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/17\/zero-day-options-are-quietly-capping-sp-500-rallies\/","title":{"rendered":"Zero-day options are quietly capping S&P 500 rallies"},"content":{"rendered":"

A new wave of ultra-short-dated option trading is increasingly shaping how the <\/strong>S&P 500 moves during the day<\/strong>, and analysts say it may be putting a ceiling on stock market rallies, Bloomberg<\/a> reports. Zero-day options and other one-to-five-day contracts have exploded in popularity this year, turning what used to be niche trades into one of the biggest forces in US equity markets.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

A flood of daily option-selling is changing intraday behavior:<\/strong> Investors have been selling more short-dated options to collect steady premiums. These trades are designed to profit if markets stay in a narrow range, but they also create mechanical pressure in the underlying index. <\/p>\n

The last 30 minutes of trading are becoming a pressure point:<\/strong> Hedging flows spike as options approach expiration near the closing bell. On 24 October, dealer gamma peaked at about USD 90 bn roughly 10 minutes before market close. At that moment, even a 0.1% move in the index would have forced around USD 10 bn in hedging flows, according to UBS estimates. <\/p>\n

Some see trading opportunities in these distortions, others aren\u2019t convinced:<\/strong> The growing influence of short-option strategies has encouraged some traders to buy one-day options at the close and sell them at the next morning\u2019s open, hoping to exploit overnight gaps. But skeptics warn against overstating the importance of any single strategy. \u201cOf the 25 or so different things that are pushing markets in different directions, this is one of the 25,\u201d said Susquehanna\u2019s Chris Murphy. \u201cIt gets more attention than it deserves.\u201d<\/p>\n

And the sustainability question remains open:<\/strong> Many of these trades rely on stable, low-volatility conditions \u2014 something that rarely lasts forever. \u201cAny systematic short-option strategy generally harvests premium pretty well until a high volatility environment realizes and then it kills the trade via convex losses,\u201d said Garrett DeSimone of OptionMetrics.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mostly in the red in early trading this morning <\/strong>as traders adopt a cautious approach ahead of a busy week for earnings. Japan\u2019s Nikkei, the Shanghai Composite, and the Hang Seng are all down 0.5%. Meanwhile the Kospi is in the green, up 1.7%.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,053<\/p>\n<\/td>\n

\n

-1.1% (YTD: -8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,438<\/p>\n<\/td>\n

\n

-1.0% (YTD: -4.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

23,950<\/p>\n<\/td>\n

\n

-1.2% (YTD: -23.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

4.5% repo <\/p>\n<\/td>\n

\n

4.0% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

41,211<\/p>\n<\/td>\n

\n

+2.5% (YTD: +38.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,918<\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

5,950<\/p>\n<\/td>\n

\n

-0.7% (YTD: +15.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

6,734<\/p>\n<\/td>\n

\n

-0.1% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

9,698<\/p>\n<\/td>\n

\n

-1.1% (YTD: +18.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

5,694<\/p>\n<\/td>\n

\n

-0.9% (YTD: +16.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 63.71<\/p>\n<\/td>\n

\n

-1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 4.46<\/p>\n<\/td>\n

\n

-2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,088<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 94,500<\/p>\n<\/td>\n

\n

-1.0% (YTD: +1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n

\n

918.17<\/p>\n<\/td>\n

\n

+0.2% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.92<\/p>\n<\/td>\n

\n

0.0% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

19.83<\/p>\n<\/td>\n

\n

-0.9% (YTD: +14.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI<\/strong> fell 1.1% yesterday <\/strong>on turnover of SAR 2.6 bn. The index is down 8.2% YTD.<\/p>\n

In the green:<\/strong> ACIG (+8.1%), Batic (+2.3%) and Azm (+1.7%).<\/p>\n

In the red: <\/strong>Sasco (-5.6%), Almajed Oud (-5.3%) and Saudi Darb (-5.0%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 1.2% yesterday <\/strong>on turnover of SAR 16.5 mn. The index is down 23.9% YTD.<\/p>\n

In the green:<\/strong> Edarat (+8.1%), Bena (+5.6%) and Alhasoob (+5.3%).<\/p>\n

In the red:<\/strong> Alfakhera (-10.5%), iOud (-8.5%) and Group Five (-7.1%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Tihama<\/a><\/strong>Advertising<\/a><\/strong>\u2019s shareholders approved<\/strong> a SAR 170.8 mn capital reduction to SAR <\/strong>229.2 mn in a bid to offset accumulated losses<\/strong>, the firm said in a Tadawul disclosure<\/a> yesterday. The 42.7% reduction will be implemented by cancelling 17.1 mn shares, bringing the number of shares to 22.9 mn, down from 40 mn.<\/p>\n

Budge<\/a><\/strong>t Rent A Car<\/a><\/strong>, also known as <\/strong>United International Transportation, received the <\/strong>Capital Market Authority\u2019s approval for a SAR 263.8 mn capital boost to over SAR 1 bn<\/strong>, via issuing one bonus share for every three existing ones, the authority said in a statement<\/a> yesterday. The company will fund the increase via its retained earnings, increasing the company\u2019s shares to 104.5 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Daily waves of ultra-short-dated option selling are making it harder for the S&P 500 to break higher during trading<\/p>\n","protected":false},"author":1,"featured_media":102523,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[10,55,59,266],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-financial-markets","tag-planet-finance","tag-sp-500","wpautop","entry"],"acf":{"mongo_id":"fe878c17-fbc3-42fd-a2a8-3c4474ea0ed8","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/11\/1200.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Zero-day options are quietly capping S&P 500 rallies","related_issue":[102505],"teaser":"Daily waves of ultra-short-dated option selling are making it harder for the S&P 500 to break higher during trading","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.0ecd1412-0a6d-435e-b34d-38758616314d.mp3"},"yoast_head":"\nZero-day options are quietly capping S&P 500 rallies - 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