According to CNBC, about an hour after Tuesday's open, an investor traded a 100,000-lot put option spread in the SPDR S&P 500 ETF Trust (SPY) for a net cost of $44 million, following record highs for the Nasdaq 100 and S&P 500 indices. This trade would achieve maximum profit if SPY falls to $500 (a 35% drop from current levels), indicating bearish sentiment in the market.