economy
A record-breaking week for options powers S&P 500 surge; volatility gauge is near 2026 low
The broad market benchmark soared to records this week, benefiting from options activity and a calmer VIX.
TL;DR
- S&P 500 reached all-time highs with a 3.6% weekly advance.
- Options trading volumes, especially S&P 500 call options, set new records.
- Zero-day-to-expiry call options accounted for a record 2.4 million trades on Tuesday.
- The ratio of puts to calls in options trading reached its second-lowest recorded level.
- Open interest in the S&P 500 is concentrated at the 760-strike (puts) and 785-strike (calls).
- Beaten-down semiconductor stocks, including those in the iShares Semiconductor ETF (SOXX) and Corgi Lithography & Semiconductor Photonics ETF (EUV), experienced significant gains.
- The 10-year Treasury yield stabilized at 4.7%.
- S&P 500 earnings are projected to grow 47% in the second quarter.