S&P 500 call option volume hit record 4.0M contracts amid surging risk appetite and declining put/call skew.
Macro & Markets ·
S&P 500 call option volume reached 4.0 million contracts on Tuesday, more than double the levels seen several weeks earlier and far exceeding the 2.0 million contract daily ceiling that held through 2023. The surge reflects a dramatic shift in investor positioning, with put/call skew experiencing its steepest two-day drop since 2017, signaling reduced demand for downside hedges relative to bullish bets. Historical context shows daily call volumes averaged roughly 700,000 contracts during 2020–2021, underscoring the scale of current market appetite for upside exposure.