S&P 500 hits record high, up 13.3% since March 30 low

The S&P 500 has reached a new record high, climbing 13.3% since its March 30 low, and the Polymarket contract for a higher opening on April 24 sits at 99.9% YES.

Market reaction

The record high is the direct driver behind near-certain odds for a positive April 24 open. The contract saw a 23-point spike at 6:38 PM yesterday, jumping from 32% to 55%. Total volume is $120,672 in actual USDC, with face value at $186,533. Check the April 24 market for real-time updates.

Why it matters

The rally coincides with reduced geopolitical tensions after the ceasefire resumed oil traffic through the Strait of Hormuz, and the index has added $7.6 trillion in market cap during its recovery from the March 30 low.

Market depth is notable: $120,672 in actual USDC would be needed to shift the price by 5 points, which suggests institutional-sized participation. The largest recent move was the 23-point spike, likely triggered by a large order book entry from traders betting on continued upward momentum.

What to watch

At 99.9¢, buying YES offers almost no payout but matches current sentiment. The contract’s price would only move meaningfully on surprise Fed statements or a flare-up in Middle East tensions, particularly anything affecting Strait of Hormuz traffic. Watch for Federal Reserve communications and any geopolitical developments that could disrupt the current trajectory.

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