S&P 500 Reaches Record Highs as VIX Holds Near 20, Up From Five Days Ago

The S&P 500 touched record highs Thursday morning, marking a significant uptick from its position five days ago when it traded about 100 points lower. Meanwhile, the Cboe Volatility Index (VIX) remained near 20 on Thursday morning and is up from five days ago, diverging from typical patterns where the VIX and S&P 500 move in tandem only about 20% of the time.

In the options market, total call premium in the VanEck Semiconductor ETF (SMH) is 25% bigger than in puts, though put volume in the SMH is greater than call volume.

4 million on the contracts. A trader worked on the floor at the New York Stock Exchange in New York City on April 23, 2026, as markets navigated these dynamics. The photo of the trader was taken by Jeenah Moon and is from Reuters, capturing activity amid the S&P 500's advance and the VIX's persistence near 20.

Com reported that the VIX's behavior alongside rising stocks could indicate investors hedging risks or buying expensive premiums in upside calls for single stocks in semiconductors and tech. Such options trading enthusiasm, as seen in the Marvell Technology example, may contribute to keeping options prices inflated and the VIX sticky.