Largest “Triple Witching Day” on Record May Disrupt U.S. Stock Trading This Friday

This Friday presents a unique situation for options traders, as monthly options contracts are scheduled to expire the day after a market holiday—a first occurrence since at least 2000, according to available records.

Data from SpotGamma indicates that contracts tied to stocks, exchange-traded funds (ETFs), and indexes exceeding $6 trillion in value will expire on what is referred to as “Triple Witching Day,” potentially the largest such event ever recorded. This quarterly expiration is typically associated with surges in both market volume and price swings.

What sets this particular expiration apart is its timing—immediately following the Juneteenth holiday. Dow Jones Market Data shows that this configuration, where a monthly expiration occurs right after a market closure, has not happened since at least the turn of the century. Historically, these expirations have taken place on the Fridays that come before long weekends.

Bret Kenwell, a U.S. investment analyst at eToro, remarked that trading volume could be subdued as some market participants may opt for an extended weekend. He also cautioned that Triple Witching Days are often marked by heightened trading activity, which could result in pronounced intraday volatility.

Adding to the current climate of uncertainty, ongoing geopolitical tensions involving Israel and Iran have driven the CBOE Volatility Index (VIX) above 20, aligning it with its historical average. Elevated levels in the VIX—derived from S&P 500 Index options activity—typically indicate higher premiums for options contracts. Brent Kochuba, founder of SpotGamma, commented that he had expected volatility to taper ahead of the Thursday holiday. SpotGamma specializes in analyzing options market dynamics