Record Highs Meet Heavy Put Flow as Traders Hedge the Rally
U.S. stocks pushed to fresh records on Tuesday, but a pair of unusually large bearish options trades suggested that not every investor is convinced the rally can continue without interruption. In the State Street SPDR S&P 500 ETF Trust, a 100,000-lot put spread traded about an hour after the opening bell, underscoring demand for downside protection even as the benchmark index hovered near all-time highs.
