According to CNBC, Bank of America’s derivatives research team said signs of bubble-like price action persisted beneath the surface even as the S&P 500 and Dow Jones Industrial Average hit fresh record highs last week. Strategist Arjun Goyal said volatility in S&P 500 options rose sharply last week and that uncertainty remains over whether the next leg higher will be led by technology or broaden into other parts of the market. He also noted that the S&P 500 technology sector, which includes many artificial intelligence and semiconductor stocks, is up 22% in 2026, while energy has risen 34%. Over the past three months, healthcare has gained 18%, financials 13%, and tech 5%. Goyal said investors should stay exposed to equities through S&P 500 call options, specifically the 7,900 strike calls expiring in September.