Options investors are ramping up bets on some of this year's biggest winners, including Amazon.com Inc , Netflix Inc and Tesla Inc , even as they turn cautious on the wider market amid a resurgent U.S. coronavirus outbreak.
The rocket-like rise of such stocks has driven year-to-date gains for the S&P 500 technology , consumer discretionary and communication services sectors, though the broader S&P 500 benchmark index remains negative for the year. Amazon is a component of the consumer discretionary index, and Netflix is a component of the communication services index.
Skew in Amazon, Netflix, Twitter and other momentum stocks has also been negative in the past week. By contrast, skew on the S&P 500 shows a growing bias toward puts. In addition, some strategists believe the sharp run-up could make tech-related shares more vulnerable should the companies' growth outlooks fall short of investors' hopes. The second-quarter earnings season began in earnest on Tuesday as several major U.S. banks reported results.
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