By David Kim | June 4, 2026
The healthcare sector stole the show on Thursday as the Dow surged 875 points to a record close. UnitedHealth Group jumped 6.2%, adding roughly 180 points to the Dow on its own, after announcing a major Medicare Advantage expansion that caught Wall Street by surprise.
The options flow told the story before the closing bell. UNH call volume ran at four times normal levels, with notable block trades at the $580 and $600 strikes for June expiration — institutional positioning, not retail. Pfizer added 4.1% on positive oncology trial data, with unusual call activity at the $30 strike.
The XLV healthcare ETF added 3.8% on volume that clocked in at 2.1 times the 20-day average, breaking out of a two-month consolidation range. Across the sector, it was broad-based strength. Johnson & Johnson rose 3.5%. Merck added 2.8%. Every component of the XLV was in the green.
The healthcare move reflects a rotation that’s been building for weeks. Defensive sectors with pricing power and demographic tailwinds are attracting flows as the AI trade matures. XLV call skew is at its highest since January — the options market is pricing in follow-through.
