Wall Street Closing Bell Sees Massive Surge in S&P 500 Trading Volume: Market Recap

Money | June 22, 2024, 12:03 a.m.

Wall Street saw a surge in trading volume as $5.5 trillion in options expired during the quarterly “triple witching” event, impacting stock markets. Nvidia Corp. played a key role, with contracts tied to the chipmaker expiring second only to the S&P 500. As these contracts expired, there was significant rebalancing in the market, particularly in tech sectors. This led to increased caution among traders, as movements in Nvidia and Apple stocks caused fluctuations in the S&P 500. Despite record inflows into tech funds and strong performance in the sector, some analysts are downgrading their outlook due to extended positions. The options event coincided with increased uncertainty in the market, as investors brace for a volatile second half of the year and monitor the Federal Reserve’s next steps. Corporate highlights include developments with companies like Apple, AMC Entertainment, Airbus, and American Airlines.