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The S&P 500 closed at records this week after a record-breaking stretch of options market activity, with the CBOE Volatility Index moving toward its lowest level in 2026.
Options volume and the rally's push Options markets posted a record week of trading. Dealers who sell large volumes of call options typically hedge by purchasing shares of the underlying index.
More volume means proportionally more of that mechanical buying. A record-volume week made the pressure unusually large. The S&P 500, the benchmark for large-cap U.S.
equity performance, absorbed that flow and closed at all-time highs. The broad advance tracked the options activity directly, according to the week's market data.
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