On Friday, the S&P 500 added 0.6%, while the Cboe Volatility Index (VIX) fell to its lowest level since January. Earlier this week, S&P 500 index call options trading volume on Cboe Global Markets exceeded 4 million contracts on Tuesday, setting a new record as the benchmark surged above 7,700 for the first time. Zero-day-to-expiry call options also hit a record 2.4 million trades on Tuesday. S&P 500 earnings are on pace to grow 47% in the second quarter, which would be the biggest since 2021.