US Markets
Stocks extend the rally as rates and volatility cool
Major indexes close higher, Treasuries catch a bid, and sector leadership broadens beyond megacap tech.
U.S. stocks end the day in the green, with the S&P 500 up 0.7% to 7,798.9902 and the Nasdaq Composite up 0.8% to 26,803.0254. The Dow adds 0.1% and the Russell 2000 rises 0.2%, a setup that keeps all four major U.S. indexes above their 50-day and 200-day averages.
The sector board is mostly positive. Communication Services leads with a 2.1% gain, followed by Real Estate at 1.4%, Staples at 1.1%, and Tech at 1.0%. Financials rise 0.6%, Utilities gain 0.5%, and Discretionary adds 0.5%, while Materials falls 0.5% and Health and Industrials finish just below flat.
Options activity points to a market that is still leaning bullish. SPY puts and calls trade at a 0.77 put-call ratio, while QQQ comes in at 0.8. Meanwhile, the VIX 9-day plunges 32.5% and the 3-month and 6-month volatility measures also fall, even as the 30-day VIX edges up 0.6% to 14.63.
A few big names drive the tape. CNBC reports Workday posts its best day in 10 years on a Silver Lake takeover report, while CNBC also highlights Reddit’s move after S&P 500 inclusion. Market-wide, the day’s biggest gainer is Accelerant Holdings, and the biggest loser is Cellebrite DI Ltd.