U.S. equities extended their summer advance, with the S&P 500 adding about 0.2% to reach a record 6,481 in Thursday morning trading. Retail shares joined the move, pushing the SPDR S&P Retail ETF to its highest level in several years. The calm backdrop was underscored by the Cboe Volatility Index, which slid to 14.12—its lowest reading since 17 December 2024—and remained below 15 through the session. Options data showed a switch to positive gamma positioning shortly after the cash open, a configuration traders associate with muted intraday swings. Government bond yields were broadly steady, leaving the 10-year Treasury benchmark near 4.23%. With a three-day weekend approaching, traders cited the subdued volatility and supportive options dynamics as reasons to expect limited price action in the near term.