The S&P 500 and Nasdaq closed at new record highs. Snowflake’s strong earnings boosted tech stocks, while reports of a possible U.S.-Iran ceasefire deal sent oil prices sharply lower. Strong consumer earnings helped offset weakness in chip design stocks.
📈 Market Close
• SPY $754.65 (+0.56%), intraday high $755.15
• QQQ $735.60 (+0.84%), intraday high $736.60
• IWM $292.02 (+0.57%), small caps moved higher, market breadth stayed positive but softened
• 10Y Treasury Yield ~4.46% (-10 bps)
• VIX 15.74 (-3.99%)
• U.S. Dollar Index 99.04 (-0.17%)
📊 Sector Performance
• XLK +1.32%: Tech led by Snowflake and ARM
• XLV +1.40%: Eli Lilly gained after CVS resumed coverage for Zepbound
• XLU -1.15%: Money rotated out of defensive stocks
• XLF -0.29%: Financials lagged in the risk-on rally
• XLE -0.11%: Energy gave back early gains as oil reversed lower
🔥 Key Catalysts
• Snowflake (SNOW) +36.4% to $239.12
Q1 revenue rose 33%. The company also secured a $6 billion AWS cloud agreement and raised guidance.
• ARM +10.8% to $335.27
Reached a new all-time high as AI demand remained strong.
• Dollar Tree (DLTR) +17.9%
• Best Buy (BBY) +15.8%
• Hormel (HRL) +12.6%
Consumer earnings continued to show resilient spending.
• Synopsys (SNPS) -8.6%
Earnings beat expectations, but investors took profits after a long rally.
• Reports of a U.S.-Iran ceasefire memorandum awaiting President Trump’s approval pushed oil sharply lower from intraday highs.
💣 Gamma & VIX
• VIX fell sharply as geopolitical risk concerns eased.
• Low volatility continues to support a steady market climb.
• SPY closed near session highs with very limited intraday swings, suggesting dealers may be long gamma and helping keep volatility low.
• Early 0DTE option activity was concentrated around the 748–752 call strikes.
📊 Unusual Options Activity
• SPY Sep 30 $720 Put Sweep: 5,565 contracts (bearish), OI 5,441
Large downside hedge.
• SPY Jun 5 $750 Call Sweep: 463 contracts (bullish)
Positioning for more upside.
• QQQ Jan 2028 $780 Sell Put: 2,110 contracts (bullish)
Long-term confidence trade.
• QQQ Sep 18 $660 Put Sweep: 1,154 contracts (bearish)
Deep out-of-the-money crash protection.
🏦 Institutional Flow
Positioning remains mixed. Large downside hedges exist alongside bullish put-selling. Institutions continue to favor AI leaders such as SNOW and ARM while taking profits in SNPS. Broad strength in consumer earnings points to improving macro confidence.
🌙 What to Watch
• Next week’s PCE inflation report — the last major data point before the June FOMC meeting.
• SPY support: $748
• SPY resistance: $758
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