The S&P 500 climbed above 6,140 on Friday, touching 6,143 intraday and setting its second record in as many sessions. The gains carried the SPDR S&P 500 ETF Trust to a new peak near $614, extending a rally that has added more than 250 index points since Sunday night’s futures low. Options activity continued to drive the advance. Net gamma exposure rose 44% to $1.47 billion while delta exposure stood at $1.86 trillion, according to market-flow trackers. Heavy call buying pushed the most-active strike up to 6,200, and the put-call ratio ticked up to 1.02 as traders positioned for further upside but hedged against a pullback. Despite the headline strength, participation remained uneven. Only 28 of the S&P 500’s 503 constituents were at individual record highs and 37 sat within half a percent of theirs, underscoring a narrow leadership even as momentum indicators such as MACD flashed fresh buy signals across a broader set of stocks. Quarter-end rebalancing on Monday and a shortened, four-day week leading into the July 4 holiday could inject additional volatility. Some strategists highlighted the unusually low 9% implied volatility on June 30 SPY puts as a potential opportunity for investors expecting a pause after the index’s swift run-up.