S&P Hits Record on Mega-Cap Muscle Alone

US Market

The S&P 500 hit a new record on May 29. But the breadth was terrible — 8 of 11 sectors fell on the day. A handful of mega-cap names carried the entire index higher. NVDA sits at the centre of options activity. It holds 26 active expiry dates running through September. Its ORTEX stock score hit 82.6 — its highest in a month. Momentum jumped from 49 to 58 after May 21.

Analyst Moves

Barclays made the boldest call of the week. Analyst Tim Long lifted his NTAP price target from $120 to $199 — a 66% jump — while keeping a Buy rating. That sits well above the street consensus of $163. WMT also picked up a target increase from Tigress Financial, raised to $155 from $150. OKTA got a Macquarie target raise to $120, with near-term options activity clustering at June 5 and June 18 expiries.

Short Sellers & Insider Activity

Bears are piling into distressed names. Wolfspeed short interest hit 131% of free float. Zero shares remain available to borrow. Chewy climbed to 61% SI % FF in one week. Grindr saw its short interest jump nearly 5x to 12.9% of FF.

On insiders, CoreWeave saw over $1 billion in filed sales this month. Magnetar Financial alone filed $980 million in exits. CVS Health saw a board-linked fund file $326 million in sales.

Week Ahead

Earnings pick up Tuesday. Ulta Beauty and Dollar General both report June 2. Medtronic follows June 3. Options traders are already building positions around near-term expiries across mega-cap names — a sign the market expects volatility ahead.