S&P 500 Breaks 7,700 as 4 Million Index Calls Trade and VIX Hits 7-Month Low
Updated
Updated · CNBC · Aug 8
S&P 500 Breaks 7,700 as 4 Million Index Calls Trade and VIX Hits 7-Month Low
3 articles · Updated · CNBC · Aug 8
Summary
The S&P 500 rose 0.6% Friday to cap a 3.6% weekly gain after crossing 7,700 for the first time, with the VIX falling to its lowest level since January.
More than 4 million S&P 500 index calls traded on Cboe on Tuesday—10% above the prior record—while zero-day calls hit a record 2.4 million and the put-call ratio dropped to 0.83.
Positioning shows traders still leaning bullish: S&P 500 open interest ended the week at 27.4 million contracts, with heavy SPY interest clustered around 760 as potential support and 785 as upside resistance.
Semiconductor shares added fuel to the rally, with SOXX up more than 7% for the week and Corgi's EUV ETF gaining 13% as beaten-down chip stocks rebounded.
The advance was also helped by the 10-year Treasury yield stabilizing at 4.7% and by S&P 500 second-quarter earnings tracking 47% growth, the strongest since the 2021 post-Covid rebound.