# QQQ Put/Call Ratio Reaches Highest Level Since June as Tech Holds Records

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/28984
Published: 2026-10-09T13:14:21.000Z
Updated: 2026-10-09T13:14:21.000Z
Section: Investing

> The ratio reached 1.49 Thursday as the Nasdaq-100 fell as much as 1.8%, while major technology stocks continued a string of all-time highs through Tuesday.

Options traders have increased downside protection on the Invesco QQQ Trust as technology stocks withstand higher interest rates and concerns about OpenAI’s revenue.

The ratio of open puts to calls tied to QQQ reached 1.49 Thursday, Oct. 8, its highest level since the final week of June. The Nasdaq-100 fell as much as 1.8% that day, while the put/call ratio shifted toward puts from August through a period when major technology stocks reached a string of all-time highs through Tuesday.

The positioning points to hedging against a potential pullback tied to rising rates or renewed doubts about artificial intelligence investment. The signal is not broad across the market: Put/call ratios for the SPDR S&P 500 ETF Trust and the S&P 500 index remain near average.

QQQ trading produced mixed signals during Thursday’s regular session. At 11 a.m. ET (15:00 UTC), a trader sold nearly 5,000 March 740-strike puts for $15 million. The contracts were less than $8 out of the money. Because the puts were sold, the position could profit at expiration if QQQ remained above the strike minus the premium received.

At 2 p.m. ET (18:00 UTC), another trader bought 6,500 March 835-strike calls for more than $8 million. A roughly 14% gain would bring QQQ to the 835 strike, while the buyer's break-even level would be higher after accounting for the premium paid.

Sentiment turned more bearish after regular trading ended. Shortly after 4 p.m. ET (20:00 UTC), a trader bought 15,000 Jan. 15 680-strike puts for $16 million while selling the same number of Oct. 16 760-strike calls for $4 million. The combined $20 million premium made it the day’s highest-premium options trade.

The positioning followed [recent concerns about OpenAI’s revenue weighing on technology stocks](<https://www.tokenpost.com/news/investing/28583>), although the broader sector remained resilient.

“Neither bonds nor that report on OpenAI revenues caused much damage,” said Don Kaufman, a 15-year director of ThinkOrSwim Trader Group and co-founder of TheoTrade. “The market can drop, but a more sustained selloff would likely require enough selling pressure to turn a market that absorbs downside into one that accelerates it.”

## Links in this article

- [recent concerns about OpenAI’s revenue weighing on technology stocks](https://www.tokenpost.com/news/investing/28583)