Investors appear to be looking beyond the technology giants that have dominated Wall Street for much of the year. With the Nasdaq-100 losing momentum after months of artificial intelligence-fueled gains, options traders are increasingly positioning for a potentially significant move in small-cap stocks.
The shift comes as the broader market has entered a period of consolidation. The S&P 500 has largely traded in a pattern of buying on pullbacks and selling into rallies, while market volatility has remained subdued. The CBOE Volatility Index, or VIX, has stayed near recent lows, reflecting reduced expectations for sharp market swings.
