Over $3.4 trillion of notional options exposure will expire today. Of this, $1.4 trillion will expire at the market open, the bulk, or $1.3 trillion, in the form of S&P options, while another $2.0 trillion expires at the close, with the $1 trillion in single stock option expirations on deck to be the largest since Jan 2022 and the third largest on record.
As Goldman's John Marshall writes in his Opex preview note (available to pro subscribers), consistent with the past few quarters, there is unusually large open interest expiring around the 4000, 5000 and at-the-money strikes in the SPX.