Nasdaq Closes Higher on OpEx Friday as Robinhood Surges 14% and Tech Posts Weekly Losses

U.S. equities navigated the August monthly options expiration on Friday, August 21, with the Nasdaq finishing in positive territory despite technology stocks leading the index to a losing week. Robinhood Markets was the standout single-stock mover, jumping 14% for its best single-day gain since September 2025. Healthcare stocks also advanced in afternoon trading, adding to the broader rally.

The session unfolded against a backdrop of significant options positioning: Cboe reported roughly 25 million SPX contracts of open interest as of August 19, and market analysts flagged the 7,650 SPX level as a key gamma magnet where the largest open interest was concentrated. With that positioning expiring, some of the gamma that had kept the index in a tight, low-volatility consolidation was expected to come off. Options volume was elevated across several names, with Rivian Automotive seeing 182,391 contracts trade, representing approximately 18.2 million underlying shares.

Unusual call activity was flagged in Alibaba October 160 calls, Intuit September 390 calls, GE Vernova December 1,320 calls, Chevron August 28 220 calls, and iShares Bitcoin Trust November 57 calls, among others. Marvell Technology and Palantir were noted among the largest market-cap movers on the day. Analysts had flagged the session as slightly bearish-to-neutral based on midterm-election-year seasonal patterns combined with current options positioning, but the early bounce scenario ultimately prevailed.