$2.6T in S&P 500 call contracts traded – a historic one‑day peak.

Retail investors flooded the market for upside bets, forcing market makers to buy shares to hedge.

That “forced buying” nudged the index up ≈0.6 % after hours, while implied volatility spiked ~12 %.

The move benefits short‑term speculators but raises risk for anyone holding the underlying stocks.

Keep an eye on the next 24 h a rapid unwind could swing the market either way.