<div id="readability-page-1"><div id="ArticleBody-InlineImage-108242441"><div><div><p>Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on December 16, 2025.</p><p>Charly Triballeau | Afp | Getty Images</p></div></div></div><div><p>Wall Street could be in for a volatile end to the week as traders brace for what Goldman Sachs says will be the largest options expiration on record.</p><p>More than $7.1 trillion in notional options exposure is set to expire this Friday, according to Goldman, including roughly $5 trillion tied to the <span id="RegularArticle-QuoteInBody-1">S&amp;P 500<span><span id="-WatchlistDropdown"></span></span></span> index and $880 billion linked to single stocks. December options expirations are typically the biggest of the year, but this one eclipses all prior records, the firm said.</p><p>To put the scale in context, the options expiring Friday represent notional exposure equal to about 10.2% of the total market capitalization of the Russell 3000, Goldman said.</p><p>That dynamic could lead to choppy trading, particularly around heavily watched levels in the S&amp;P 500, according to Jeff Kilburg, founder and CEO of KKM Financial.</p><p>&#34;I am expecting volumes to be well above normal as options traders finalize 2025 profits and losses,&#34; Kilburg said. &#34;But a lot of the repositioning seems to have already taken place. 6800 is a big strike price in the S&amp;P and we will see if the bulls can defend that level after pushing the market back above it this morning.&#34;</p><p>The S&amp;P 500 is up about 15% this year, trading around 6,770 Thursday. </p></div><div><p>While the broader market could have heightened volumes and volatility, some individual stocks with large open interest could see a different scenario. If options traders who hedge their positions are sitting on a large amount of at-the-money options, the activity tied to those contracts expiring can actually calm price swings rather than intensify them. Options that are &#34;at the money&#34; have strike prices that are equal to the current price of the underlying asset.</p><p>As traders adjust their hedges, prices can get pulled toward heavily traded strike levels, a phenomenon known as a &#34;pin,&#34; leaving stocks hovering near key levels into the close, Goldman noted.</p><p>&#34;This situation is often referred to as a 'pin' and can be an ideal situation for a large investor trying to enter/exit a stock position,&#34; Goldman said.</p><p>Stocks with options expiring Friday that represent a large share of their typical daily trading volume — and could be prone to pinning&#34; — include <span id="RegularArticle-QuoteInBody-2">GeneDx Holdings<span><span id="-WatchlistDropdown"></span></span></span>, <span id="RegularArticle-QuoteInBody-3">BILL Holdings<span><span id="-WatchlistDropdown"></span></span></span>, <span id="RegularArticle-QuoteInBody-4">Avis Budget Group<span><span id="-WatchlistDropdown"></span></span></span> and <span id="RegularArticle-QuoteInBody-5">GameStop<span><span id="-WatchlistDropdown"></span></span></span>, the firm found.</p></div></div>

BILL

<p>Wall Street is expected to experience significant volatility due to the largest options expiration on record, with over $7.1 trillion in notional options exposure set to expire. This includes $5 trillion tied to the S&P 500 index. The event could lead to choppy trading, particularly around key levels in the S&P 500. Stocks like GeneDx Holdings, BILL Holdings, Avis Budget Group, and GameStop may experience 'pinning' due to large open interest.</p>

- Wall Street anticipates a volatile end of the week due to the largest options expiration on record, with more than $7.1 trillion in notional options set to expire.  
- This includes approximately $5 trillion tied to the S&P 500 index, leading to expectations of increased trading volumes as traders finalize their 2025 profits and losses.  
- Stocks with significant options expirations are expected to experience a "pin" phenomenon, potentially stabilizing prices around key strike levels, affecting companies like GeneDx Holdings and GameStop.

Friday could be a wild day of trading on Wall Street. Here's why