Market Overview US markets opened higher, with the Dow Jones Industrial Average—comprising blue-chip stocks—up 0.3%, the S&P 500 index (with a high weighting in tech stocks) rising 0.34%, and the Nasdaq Composite Index gaining 0.31%. According to the latest options market data, total volume reached 216,100 contracts, and the put/call ratio (volume-based) stood at 1.19, indicating put dominance. Volatility analysis shows that implied volatility (IV) stands at 16.40%, exceeding historical volatility (HV) of 10.60%. However, IV Rank is at 19 and IV Percentile remains at 37%, suggesting relatively calm market expectations for volatility. For the May 22, 2026 expiration, call volume (86,300 contracts) exceeded put volume (59,800 contracts), and open interest (OI) also showed calls (152,600 contracts) significantly surpassing puts (57,000 contracts), clearly indicating a bullish tilt in supply-demand dynamics for this expiry. Looking ahead, while overall market activity shows caution with put dominance, a clear bullish bias is evident in specific expiries, with both flow (volume) and stock (open interest) heavily skewed toward calls—a mixed sentiment prevailing. Given the low level of IV, the risk of sharp volatility appears limited, and the market is expected to trade on a firm footing while searching for directional clarity. Top News ● According to sources, Qatar has dispatched a delegation to Tehran under coordination with the United States to support reaching an agreement aimed at ending the conflict with Iran. ●U.S. announces $2 billion investment; IBM and quantum stocks rise ●35 vessels, including tankers, transit Strait of Hormuz = Iran asserts jurisdiction over the waterway ●[Official Statement] ECB President: 'We will make decisions meeting by meeting, based on data' ●U.S. announces $2 billion investment; IBM and quantum stocks rise U.S. announces $2 billion investment; IBM and quantum stocks rise Quantum computing-related stocks rose in morning trading, continuing the previous day's upward trend. The Trump administration announced on Thursday that it will invest a total of $2 billion in nine quantum computing companies. The U.S. Department of Commerce announced that IBM Corp (IBM.US) will receive a $1 billion grant to establish a quantum chip manufacturing company. Its shares rose 2.5%. GlobalFoundries (GFS.O), a leading semiconductor foundry, said it will receive $375 million to build a U.S. facility producing components for various quantum machines. Its shares rose 4.3%. D-Wave Quantum (QBTS.US) and Rigetti Computing (RGTI.US) Other companies, including , are also expected to receive approximately $100 million each in support. Their share prices rose 0.5% and 1.7%, respectively. This move represents a significant boost aimed at securing U.S. leadership in emerging technologies and countering China. 35 vessels, including tankers, transit Strait of Hormuz = Iran asserts jurisdiction over the waterway According to Iranian media, the country's elite military force, the Islamic Revolutionary Guard Corps (IRGC), announced on the 22nd that 35 vessels—including oil tankers and container ships—passed through the Strait of Hormuz, a critical chokepoint for crude oil shipments, in the past 24 hours. The IRGC stated that all vessels had obtained prior permission from Iran, effectively asserting its control over the strait amid ongoing disruptions. Opening the strait is one of the key issues in negotiations between the U.S. and Iran aimed at ending hostilities. While the U.S. seeks to restore 'freedom of navigation,' Iran aims to establish its own management system over the waterway. On the 21st as well, the Revolutionary Guards reported that 31 vessels had transited the Strait of Hormuz in the previous 24 hours. Iran’s newly established 'Persian Gulf and Strait of Hormuz Authority' reiterated on X (formerly Twitter) on the 20th that the surrounding waters fall under Iranian jurisdiction. According to reports, Iran is also discussing with Oman—the country opposite the strait—about collecting transit fees. ECB President: 'We will make decisions meeting by meeting, based on data.' President of the European Central Bank (ECB) Christine Lagarde 'We will make decisions meeting by meeting, based on data.' 'Longer-term inflation expectations remain broadly stable.' 'The ECB is firmly committed to ensuring price stability.' French President Macron announces €1.5 billion investment in quantum and advanced semiconductors Amid global competition to harness emerging technologies, French President Emmanuel Macron announced on Friday that the government would inject an additional €1 billion (US$1.16 billion) into its quantum strategy and allocate €550 million to support the microelectronics sector. 'Let me be clear: we have the means to win this race,' President Macron said when announcing the funding. On Thursday, the Trump administration announced plans to invest a total of $2 billion in nine quantum computing companies to secure U.S. leadership in this technology, which is seen as the next frontier following AI. Major Shift in AI Investing! With the End of 'GPU Dominance,' Which US Stock Should You Target? Next Focus Revealed Through ARM's Surge and NVIDIA's 'VR200' Breakdown Recently, S&P 500 Index (.SPX.US) amid a resilient market environment where [stock/index] has been hitting new highs, the investment logic behind US tech stocks is undergoing structural change. The stark divergence among individual stocks observed in the US equity market on May 21 was highly telling. NVIDIA (NVDA.US) Despite [Company] reporting earnings far exceeding market expectations, its stock fell by 2%, while memory-related stocks across the board posted strong gains. SanDisk (SNDK.US) [Stock A] surged sharply by 10.75%, and Seagate Technology (STX.US) and Western Digital (WDC.US) [Stock B] and [Stock C] rose by 7.91% and 5.84%, respectively, Micron Technology (MU.US) and [Stock D] also traded firmly, up 4%. At the same time, UK-based Arm Holdings (ARM.US) [Company E] surged 40% this week, further highlighting PHLX Semiconductor Index (.SOX.US) is driving sustained upward momentum.

Source: Moomoo

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