Oh, yeah, the heat is on.
But you don’t have to crank up the air conditioner or guzzle margaritas to feel this particular brand of burn.
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This is the heat coming off the S&P 500 and certain companies that are trading with unusual volume.
Now, it’s fair to say that the broad index has been on a wild ride this year in light of President Donald Trump’s ever-changing tariff policy, which has changed more often than a contingent of chameleons.Â
In the latest installment of the tariff saga, Trump delayed the implementation date of his proposed 50% tariffs on the European Union to July 9.
While the S&P 500 is up about 11.2% from a year ago, the benchmark, which tracks the performance of 500 leading companies listed on U.S. stock exchanges, is essentially flat since January.
The bulls could take control of the S&P 500, one analyst says  (Photo by Michael M. Santiago/Getty Images)
Michael M. Santiago/Getty Images
Options trader: S&P could be moving upward
Top options trader Bob Lang says the S&P could be ready for an upward swing.
“With a big surge this coming week the bulls could really take control of the market as the S&P 500 is on the cusp of moving to a ‘safer’ place,'” Lang said in his recent column on TheStreet Pro. “That area is the uptrend channel we drew in many months ago.”
Related: Economy This Week: Reports may show whether the economy is toughing out the tariffs
He cited the index’s Moving Average Convergence Divergence, which traders use to analyze price trends and potential reversals in financial markets.
“After a very long wait, the MACD has finally crossed for an important bullish signal,” Lang said.
“This indicator tells us a change in trajectory before it occurs,” Lang said. “Recall that the MACD rolled over in late 2024, before the massive move lower just a few short months later (from December to April).”
Momentum has started to turn upward, Lang said, but money flow still is not convinced that this new uptrend is for real.
“This being the last trading week of May, it sets up an important few trading sessions,” he said. “Can the bulls close out the month on a positive note? The evidence seems to lean in that direction.”
Intuit higher on 2.4 times expected volume
So what are some of the names making fast and busy moves right now?
Well, Intuit (INTU)  is trading at about 2.4 times expected volume, according to the Finviz S&P 500 heat map, which visually depicts the S&P 500’s movements in real time.
The fintech platform recently beat Wall Street’s third-quarter-earnings expectations and boosted its full-year guidance.Â
Several analysts adjusted their price targets for Intuit after the earnings report, including Bank of America’s Brad Sills, who raised his price target on the company to $875 from $730 and affirmed a buy rating on the shares.
Related: Adviser who thrived on Black Monday sends warning on tariffs’ next victim
Intuit delivered a “strong Q3,” led by a solid tax season, balanced with strength across other lines of business, the analyst said.
This tax season indicates that Intuit’s TurboTax is pivoting successfully to the assisted category, which is likely to be a durable growth driver, Sills said.
Demand is resilient in the QuickBooks business, as the Business Solutions unit, which included QuickBooks, grew 19.4%. That result “nicely exceeded” the firm’s estimate for 18%, the analyst added.
At last check Intuit shares were up 3.7% to $747.
UnitedHealth lower on 2.1 times normal volume
UnitedHealth Group (UNH)  trading volume was 2.1 times more than expected, with the shares off 1.6% to $291 at last check. This made it among the weakest performers in the S&P 500 on a day when most shares were up solidly.
The health-care giant’s stock suffered a steep selloff recently after the company suspended its 2025 profit outlook and said Andrew Witty would step down as chief executive.
There are also concerns about rising medical costs and an investigation by the U.S. Department of Justice into Medicare billing, which is focusing on claims of fraud and improper coding.
Related: UnitedHealth Group stock tumbles; Andrew Witty steps down as group CEO
In addition, the Centers for Medicare and Medicaid Services announced a “significant expansion” of its auditing efforts for Medicare Advantage plans.
JP Morgan said the news could be an incremental headwind for managed-care companies, with the largest large-cap exposures coming from UnitedHealth, Humana (HUM) , and CVS Health (CVS)
“We see several moving parts, but this continues the current CMS search for fraud, waste and abuse,” the firm said.
AutoZone turns heads with quarterly results
And then we have AutoZone (AZO) , which was trading on volume more than double normal levels.
The auto parts retailer’s stock was tumbling 4.3% to $3,661 at last check after the company missed profit estimates on falling demand and foreign currency fluctuations.
Related: Global equities expert warns of harsh next steps in US-China trade war
“While currency rate moves continued to pressure reported sales and earnings, we believe our international operations are positioned well as we continue to focus on opening more stores in these markets,” Phil Daniele, president and CEO, said in a statement.Â
“While our gross margins were pressured this quarter, we believe we will drive improvement as our new distribution centers ramp up and we continue to drive higher merchandise margins,” he added.Â
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
