The SPDR S&P 500 ETF was nearly unchanged after reaching an intraday high of $776.70, while the Nasdaq-tracking QQQ ETF fell about 0.2%. The S&P 500 and Dow had opened at record highs, supported by corporate earnings, renewed demand for artificial intelligence stocks and optimism surrounding Middle East negotiations. Record Call Activity Shows Crowded OptimismThe supplied options chart suggests traders have dramatically increased their bullish exposure as the S&P 500 trades near record territory. Dow Jones Breakout Targets 54,800The Dow chart shows the index moving above its previous ascending channel after clearing several marked resistance levels. Dow Breakout.