The S&P 500 hit all-time highs this week, crossing above 7,700 for the first time with a 3.6% weekly gain. The VIX volatility index fell to its lowest level since January. More than four million S&P 500 index call options traded on Cboe Global Markets on Tuesday, setting a record that exceeded the previous May record by 10%. The put-to-call ratio dropped to 0.83, the second lowest ever recorded, while total open interest reached 27.4 million contracts. S&P 500 earnings are on track to grow 47% in the second quarter, the strongest expansion since the post-Covid rebound in 2021.
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