Editorial companion

What stands out

Kevin Davitt from Nasdaq laid out a simple plumbing lesson that explains a lot of recent market drama: concentrated options flow in big names like NVIDIA (NVDA), Micron (MU) and SpaceX (SPCX) can shove the Nasdaq, and single-stock leverage ETFs that rebalance daily can amplify that shove. For anyone who watches headlines and feels whipsawed, this is a reminder markets move for mechanical reasons as often as for earnings or macro data. Knowing where gamma and hedge flows sit helps you tell noise from moves driven by underlying business strength.