Options positioning may be keeping the S&P 500 stuck in place heading into June 30 expiry

U.S. stocks had multiple catalysts for a sharp move on Thursday, but the S&P 500 finished almost exactly where it closed on Wednesday. Futures swung lower after the overnight rally faded, before buyers stepped in later in the session. The muted finish despite the volatility may reflect options market dynamics that can keep the index trading within a range.