Stocks edge higher as oil and grain prices rip

The big picture. U.S. stocks end mixed-to-higher, with the S&P 500 up 0.4%, the Nasdaq Comp. up 0.6%, the Dow up 0.3%, and the Russell 2000 up 0.4%. Communication services, discretionary and financials lead sector gains, while tech is the weakest major sector, down 1.1%. The S&P 500 finishes above its 50-day and 200-day averages, but its RSI14 at 72.1 suggests the index is still stretched.

Options flow stays active, with SPY showing 4,311,957 calls and 4,355,308 puts, and QQQ showing 3,577,497 calls and 3,185,738 puts. The VIX drops 5.0% to 15.67, while the VIX 9-day rises 8.2% to 12.06, leaving short-term volatility a little firmer than the 30-day gauge.

Global stocks mostly rise, with gains in the Nikkei 225, Hang Seng, Shanghai Comp., Kospi, DAX, Stoxx 600, and TSX. The Sensex and Bovespa slip, while the ASX 200 is flat. The dollar index falls 0.4%, EUR/USD rises 0.8%, GBP/USD jumps 1.5%, and USD/CHF drops 1.2%.

Crypto is quieter than the rest of the tape. Bitcoin slips 0.3% to 64,764.8516, Ethereum rises 1.6% to 1,919.29, and the total crypto market cap increases 0.4% to $2.3T. Bitcoin still makes up 56.2% of the market, with Ethereum at 10.0%.