US Options Volume Reaches Record Levels Following S&P 500 4.4% Drop

U.S. options trading hit historic volumes following a severe market rout on Thursday, November 5, that saw the S&P 500 fall 4.4% and the Nasdaq 100 plunge over 6%. Trading surged to more than 112 million contracts, up 53% from October averages, driven by defensive hedging. Put contracts accounted for over half of total activity, pushing the Cboe equity put/call ratio to 1.05, its highest level since April 2025. Meanwhile, the Cboe Volatility Index surged to its highest mark since March amid intense risk-off sentiment.