Strasmore Research
市场回顾 Matt Connor作者： Matt Connor · 更新于 2026-07-23

2026年7月7日美股行情回顾

半导体板块剧烈波动带动指数走低，NVDA逆市上涨，SPY价差创月内新低，快看今日数据详情。

2026年7月7日，周二市场回吐了 周一开盘上涨 的涨幅，甚至跌幅更深：QQQ 收盘下跌 -1.82%，几乎抹去了周一的所有涨幅，而 DIA 收盘下跌 -0.29%。盘面整体呈现两跌一涨的态势：4034 只股票下跌，2091 只股票上涨。当日的核心行情是半导体板块的剧烈波动，其规模数倍于大盘，而该板块的几家巨头并未参与其中。以下所有数据均来自数据库查询——如需查看确切的 SQL 语句，请展开相应面板。

市场表现

所有涨跌幅均基于 7 月 7 日最后一个常规交易时段的分钟线与 7 月 6 日（周一）的连续交易时段进行对比。

查询SPY / QQQ / DIA / IWM — 7月7日对比6日收盘（常规交易时段）
每个数字背后的完整 SQL
WITH prior AS (
    SELECT ticker, argMax(close, window_start) AS prior_close
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('SPY', 'QQQ', 'DIA', 'IWM')
      AND window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00'
    GROUP BY ticker
),
sess AS (
    SELECT ticker,
           argMin(open, window_start) AS day_open,
           argMax(close, window_start) AS day_close,
           max(high) AS day_high,
           min(low) AS day_low,
           round(toFloat64(sum(volume)) / 1e6, 1) AS shares_traded_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('SPY', 'QQQ', 'DIA', 'IWM')
      AND window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
    GROUP BY ticker
)
SELECT
    s.ticker AS ticker,
    round(toFloat64(p.prior_close), 2) AS prior_close,
    round(toFloat64(s.day_open), 2) AS day_open,
    round(toFloat64(s.day_close), 2) AS day_close,
    round((toFloat64(s.day_open) / toFloat64(p.prior_close) - 1) * 100, 2) AS gap_pct,
    round((toFloat64(s.day_close) / toFloat64(s.day_open) - 1) * 100, 2) AS intraday_pct,
    round((toFloat64(s.day_close) / toFloat64(p.prior_close) - 1) * 100, 2) AS pct_change,
    round(toFloat64(s.day_high), 2) AS day_high,
    round(toFloat64(s.day_low), 2) AS day_low,
    s.shares_traded_m AS shares_traded_m
FROM sess s
JOIN prior p ON s.ticker = p.ticker
ORDER BY s.ticker

在四大指数 ETF 中，QQQ 的 -1.82% 跌幅最大；SPY 收跌 -0.48%，IWM 收跌 -0.9%，DIA 的 -0.29% 跌幅最小。缺口与走势的对比显示，开盘时市场观点出现分歧：QQQ 的隔夜缺口为 -1.17%，而其开盘至收盘的走势为 -0.65% —— 缺口是导致下跌的主要原因；相比之下，DIA 开盘上涨 0.47%，但最终仍收跌，其开盘至收盘的涨跌幅为 -0.76%。自 周四 以来，市场领涨板块一直在切换：周四由 DIA 领涨，周一 由 QQQ 领涨，周二再次由 DIA 领涨。

当日走势异常吗？

查询QQQ 与 SPY：7月7日对比过去一个月排名（排名1 = 绝对涨跌幅最大）
每个数字背后的完整 SQL
SELECT
    round(anyIf(cc_pct, ticker = 'QQQ' AND d = toDate('2026-07-07')), 2) AS qqq_close_over_close_pct,
    arrayCount(x -> x > abs(anyIf(cc_pct, ticker = 'QQQ' AND d = toDate('2026-07-07'))), groupArrayIf(abs(cc_pct), ticker = 'QQQ' AND d != toDate('2026-07-07'))) + 1 AS qqq_abs_move_rank,
    countIf(ticker = 'QQQ') AS qqq_sessions_compared,
    round(anyIf(oc_pct, ticker = 'SPY' AND d = toDate('2026-07-07')), 2) AS spy_open_to_close_pct,
    arrayCount(x -> x > abs(anyIf(oc_pct, ticker = 'SPY' AND d = toDate('2026-07-07'))), groupArrayIf(abs(oc_pct), ticker = 'SPY' AND d != toDate('2026-07-07'))) + 1 AS spy_abs_move_rank,
    countIf(ticker = 'SPY') AS spy_sessions_compared,
    toString(min(d)) AS first_session
FROM (
    SELECT ticker, d,
           (close_px / lagInFrame(close_px) OVER (PARTITION BY ticker ORDER BY d) - 1) * 100 AS cc_pct,
           oc_pct
    FROM (
        SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
               argMax(toFloat64(close), window_start) AS close_px,
               (argMax(toFloat64(close), window_start) / argMin(toFloat64(open), window_start) - 1) * 100 AS oc_pct
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker IN ('SPY', 'QQQ')
          AND window_start >= toDateTime('2026-06-04 00:00:00')
          AND window_start < toDateTime('2026-07-08 00:00:00')
          AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
        GROUP BY ticker, d
    )
)
WHERE isFinite(cc_pct)

从指数层面来看，并无特别之处。QQQ 的 -1.82% 收盘涨跌幅在过去 21 个交易日中，绝对值排名第 9；SPY 从开盘到收盘的 -0.34% 涨跌幅在过去 21 个交易日中排名第 15 —— 由于过去一个月包含了 6 月下旬剧烈的波动，基准标准较高。7 月 7 日的显著特征在于个股的分化。

市场宽度：下跌股为上涨股的两倍

查询7月7日成交额至少 $1M 的个股：上涨 vs 下跌家数
每个数字背后的完整 SQL
WITH per_ticker AS (
    SELECT
        ticker,
        toFloat64(argMaxIf(close, window_start, window_start < '2026-07-07 00:00:00')) AS prior_close,
        toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-07 00:00:00')) AS day_close,
        sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-07 00:00:00') AS day_dollar_volume
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE (window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00')
       OR (window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00')
    GROUP BY ticker
)
SELECT
    countIf(day_close > prior_close AND day_dollar_volume >= 1000000) AS advancers,
    countIf(day_close < prior_close AND day_dollar_volume >= 1000000) AS decliners,
    countIf(day_close = prior_close AND day_dollar_volume >= 1000000) AS unchanged,
    countIf(day_dollar_volume >= 1000000) AS liquid_tickers,
    count() AS tickers_traded_both_sessions,
    count() - countIf(day_dollar_volume >= 1000000) AS dropped_by_liquidity_filter,
    round(100.0 * countIf(day_close > prior_close AND day_dollar_volume >= 1000000)
        / countIf(day_dollar_volume >= 1000000), 1) AS advancer_pct
FROM per_ticker
WHERE prior_close > 0 AND day_close > 0

2091 只上涨，4034 只下跌，59 持平 —— 仅有 33.8% 的活跃交易股上涨，周一的涨势已反转。该过滤器剔除了 5276 的 11460 交易额低于 100 万美元的双日交易股票。

The chip complex broke — except its biggest names

The selling concentrated in semiconductors: the chipmakers, the equipment names that supply them, the storage complex around them, and the leveraged ETFs wrapped on top. Co-movement and magnitude reported below; the data does not say why.

查询7月7日芯片板块：对比周一收盘的涨跌幅、波动区间及成交金额
每个数字背后的完整 SQL
WITH per_name AS (
    SELECT
        ticker,
        toFloat64(argMaxIf(close, window_start, window_start < '2026-07-07 00:00:00')) AS prior_close,
        toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-07 00:00:00')) AS day_close,
        maxIf(toFloat64(high), window_start >= '2026-07-07 00:00:00') AS day_high,
        minIf(toFloat64(low), window_start >= '2026-07-07 00:00:00') AS day_low,
        argMinIf(window_start, (toFloat64(low), toInt64(toUnixTimestamp(window_start))), window_start >= '2026-07-07 00:00:00') AS low_bar,
        argMaxIf(window_start, (toFloat64(high), -toInt64(toUnixTimestamp(window_start))), window_start >= '2026-07-07 00:00:00') AS high_bar,
        round(sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-07 00:00:00') / 1e9, 2) AS day_dollar_bn
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('AMD', 'AVGO', 'INTC', 'KLAC', 'LRCX', 'MRVL', 'MU', 'NVDA', 'SNDK', 'SOXL', 'SOXS', 'STX', 'TER', 'WDC')
      AND ((window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00')
        OR (window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'))
    GROUP BY ticker
)
SELECT
    ticker,
    round(prior_close, 2) AS prior_close,
    round(day_close, 2) AS day_close,
    round((day_close / prior_close - 1) * 100, 2) AS pct_chg,
    formatDateTime(toTimeZone(high_bar, 'America/New_York'), '%H:%i') AS day_high_et,
    formatDateTime(toTimeZone(low_bar, 'America/New_York'), '%H:%i') AS day_low_et,
    toHour(toTimeZone(high_bar, 'America/New_York')) * 60 + toMinute(toTimeZone(high_bar, 'America/New_York')) AS high_minute_et,
    toHour(toTimeZone(low_bar, 'America/New_York')) * 60 + toMinute(toTimeZone(low_bar, 'America/New_York')) AS low_minute_et,
    round((day_high / day_low - 1) * 100, 2) AS range_pct,
    day_dollar_bn
FROM per_name
ORDER BY ticker

Teradyne (-9.63%) and Intel (-9.59%) lost nearly a tenth of their value, with Marvell (-7.41%), KLA (-7.23%), Lam Research (-6.8%) and AMD (-6.41%) close behind. The memory-and-storage names that half-bounced on Monday rolled straight back over: SanDisk -7.1% across a 10.36% high-to-low range, Western Digital -7.81%, Seagate -4.84%, and MU -4.61% — MU turning over $41.6 billion of stock, more than the other three storage names combined (the MU deep-dive carries the backstory).

The sector's two giants sat it out: NVDA closed green at 0.67% and Broadcom finished near flat at -0.83% — a sector-wide red day, minus its largest members (NVDA's June deep-dive).

The timing was synchronized — one morning air pocket: TER, LRCX and MU printed their session lows at 10:41, 10:41 and 10:41 ET, with SanDisk, Marvell, KLA, AVGO and SOXL inside the same minutes (the panel carries each stamp), and SOXS, the 3x inverse semiconductor ETF, printed its session high at 10:42 — the stretch upside down. Intel kept falling long after the rest stabilized, its low arriving at 15:18. The leveraged wrappers translate the magnitude: SOXL -15.15% against SOXS +15.87%.

市场另一面

尽管两比一的跌幅占据主导，但仍有三分之一的股票上涨。芯片股下跌，以下板块逆势上涨：

查询芯片下跌时的上涨板块 — 以及当日波动最大的单笔行情
每个数字背后的完整 SQL
WITH per_name AS (
    SELECT
        ticker,
        toFloat64(argMaxIf(close, window_start, window_start < '2026-07-07 00:00:00')) AS prior_close_raw,
        toFloat64(argMinIf(open, window_start, window_start >= '2026-07-07 00:00:00')) AS day_open_raw,
        toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-07 00:00:00')) AS day_close_raw,
        round(sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-07 00:00:00') / 1e9, 2) AS day_dollar_bn
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('CRNX', 'CVX', 'JNJ', 'LLY', 'META', 'TSLA', 'UNH', 'XOM')
      AND ((window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00')
        OR (window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'))
    GROUP BY ticker
)
SELECT
    ticker,
    round(prior_close_raw, 2) AS prior_close,
    round(day_open_raw, 2) AS day_open,
    round(day_close_raw, 2) AS day_close,
    round((day_open_raw / prior_close_raw - 1) * 100, 2) AS gap_pct,
    round((day_close_raw / day_open_raw - 1) * 100, 2) AS intraday_pct,
    round((day_close_raw / prior_close_raw - 1) * 100, 2) AS pct_chg,
    day_dollar_bn
FROM per_name
ORDER BY ticker

能源与医疗保健板块领涨：Exxon +3.78%，Chevron +3.47%，Johnson & Johnson +3.07%，Eli Lilly +2.75%，UnitedHealth +2.41%。该板块中的两家巨头走势分化：META 上涨 2.52%，而 TSLA 回吐了 周一单边上涨 的大部分涨幅，仅报 -4.02%。此外，盘面上最引人注目的单股表现是：Crinetics Pharmaceuticals (CRNX) 成交额达 4.19 十亿美元，收涨 98.79%，涨幅近乎翻倍——该涨幅主要由隔夜跳空贡献（开盘报 98.91%；常规交易时段仅波动 -0.06%），这种重定价通常发生在 盘前交易 阶段。目前尚无数据表明其原因。

资金流向

查询成交量领先指标：成交额前6名，成交量前4名（排除一个待核实的重复代码）
每个数字背后的完整 SQL
SELECT leaderboard, ticker, dollar_volume_bn, shares_m,
    round(100 * if(leaderboard = 'by dollars traded', dollar_volume_bn, shares_m)
        / max(if(leaderboard = 'by dollars traded', dollar_volume_bn, shares_m)) OVER (PARTITION BY leaderboard), 1) AS pct_of_board_leader
FROM (
    SELECT
        'by dollars traded' AS leaderboard,
        ticker,
        round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 2) AS dollar_volume_bn,
        round(sum(toFloat64(volume)) / 1e6, 1) AS shares_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
      AND ticker NOT IN ('SPCX')
    GROUP BY ticker
    ORDER BY dollar_volume_bn DESC
    LIMIT 6
    UNION ALL
    SELECT
        'by shares traded' AS leaderboard,
        ticker,
        round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 2) AS dollar_volume_bn,
        round(sum(toFloat64(volume)) / 1e6, 1) AS shares_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
      AND ticker NOT IN ('SPCX')
    GROUP BY ticker
    ORDER BY shares_m DESC
    LIMIT 4
)
ORDER BY leaderboard ASC, if(leaderboard = 'by dollars traded', dollar_volume_bn, shares_m) DESC

MU 以 $41.6 billion 的成交额领涨美元板块。在 失去榜首地位 一天后，它重新夺回了首位。SPY ($28.68 billion) 和 QQQ ($26.54 billion) 位居其后。另外三家芯片股——NVDA ($19.95 billion)、SNDK ($19.73 billion) 和 INTC ($13.82 billion) ——构成了前六名的其余部分。相对成交量 指标反映了单股成交额的集中度。

在股票板块方面，SOXS 的成交量为 566.3 million 股。该三倍做空半导体 ETF 已连续第三个交易日位居成交量榜首（前两次记录分别出现在 周一 和 周四），而本次交易恰逢其所属板块发生突破。CPOP 则提供了反向参考：161.3 million 股的成交额仅为 $0.02 billion ——成交量较低的低价股通常表现平平。数据基准：7 月 7 日常规交易时段；由于正在核实实体身份，一个重复使用的代码列表已被排除 —— 查看其收据。

The shape of the session

查询每30分钟成交量（常规交易时段，单位：十亿）
每个数字背后的完整 SQL
SELECT
    formatDateTime(toStartOfInterval(toTimeZone(window_start, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_time,
    round(sum(toFloat64(volume)) / 1e9, 2) AS shares_bn,
    round(100 * sum(toFloat64(volume)) / max(sum(toFloat64(volume))) OVER (), 1) AS pct_of_biggest_bucket
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
GROUP BY et_time
ORDER BY et_time

2 billion shares in the opening half hour, a 0.64 billion trough at 13:30, and 2.14 billion into the 15:30 close — the ordinary smile, heaviest at the close.

期权交易盘面

查询全天期权数据：成交量、看涨期权份额、0DTE，以及包围 SPY 收盘价的两类合约
每个数字背后的完整 SQL
WITH
    (
        SELECT (groupArray(und), groupArray(strike), groupArray(typ), groupArray(vol), groupArray(avg_px), groupArray(is_0dte))
        FROM (
            SELECT any(underlying_symbol) AS und, any(toFloat64(strike_price)) AS strike, any(option_type) AS typ,
                   sum(size) AS vol, round(avg(toFloat64(price)), 3) AS avg_px,
                   if(substring(ticker, length(ticker) - 14, 6) = '260707', 1, 0) AS is_0dte
            FROM global_markets.options_trades
            WHERE sip_timestamp >= '2026-07-07 00:00:00' AND sip_timestamp < '2026-07-08 00:00:00'
            GROUP BY ticker
            ORDER BY vol DESC
            LIMIT 2
        )
    ) AS top2,
    (
        SELECT round(toFloat64(argMax(close, window_start)), 2)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY' AND window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
    ) AS spy_regular_close
SELECT
    round(count() / 1e6, 2) AS option_prints_m,
    round(toFloat64(sum(size)) / 1e6, 2) AS contracts_m,
    round(100.0 * sumIf(size, option_type = 'C') / sum(size), 1) AS call_pct_of_volume,
    round(100.0 * sumIf(size, substring(ticker, length(ticker) - 14, 6) = '260707') / sum(size), 1) AS same_day_expiry_pct,
    round(toFloat64(sumIf(size, substring(ticker, length(ticker) - 14, 6) = '260707')) / 1e6, 2) AS same_day_contracts_m,
    round(toFloat64(sumIf(size, underlying_symbol = 'SPY')) / 1e6, 2) AS spy_contracts_m,
    round(toFloat64(sumIf(size, underlying_symbol = 'QQQ')) / 1e6, 2) AS qqq_contracts_m,
    round(toFloat64(sumIf(size, underlying_symbol = 'INTC')) / 1e6, 2) AS intc_contracts_m,
    top2.1[1] AS top_contract_underlying,
    top2.2[1] AS top_contract_strike,
    top2.3[1] AS top_contract_type,
    if(top2.3[1] = 'C', 1, 0) AS top_contract_is_call,
    top2.4[1] AS top_contract_volume,
    top2.5[1] AS top_contract_avg_price,
    round(top2.2[1] - spy_regular_close, 2) AS top_strike_minus_spy_close,
    top2.1[2] AS second_contract_underlying,
    top2.2[2] AS second_contract_strike,
    top2.3[2] AS second_contract_type,
    if(top2.3[2] = 'P', 1, 0) AS second_contract_is_put,
    top2.4[2] AS second_contract_volume,
    top2.5[2] AS second_contract_avg_price,
    round(spy_regular_close - top2.2[2], 2) AS spy_close_minus_second_strike,
    top2.6[1] + top2.6[2] AS both_top_contracts_same_day,
    spy_regular_close AS spy_close
FROM global_markets.options_trades
WHERE sip_timestamp >= '2026-07-07 00:00:00' AND sip_timestamp < '2026-07-08 00:00:00'

期权成交量为 10.6 百万笔，涉及 61.13 百万份合约——交易规模与 周一 持平——在市场下跌的日子里，看涨期权仍占成交量的 55.6%。当日到期的期权占总成交量的 31.2%（19.08 百万份合约）——这是普通周二的 0DTE 份额。当日交易最活跃的两份合约出现在收盘前后，均为当日到期的 SPY 行权价：$749 看涨期权（平均价格为 $0.647，成交 873438 份）以价外 $1.34 收盘；$747 看跌期权（成交 785834 份，价格为 $0.88）以价外 $0.66 收盘。SPY 的 747.66 收盘价处于当日两大头寸之间，两者均以价值归零到期。

报价行情

本页面的每个价格下方都对应着报价流——即全市场所有上市证券的实时最优买卖价（NBBO）。这是本数据库中最难获取的数据集。无论交易日是否寻常，我们每场交易都会在此进行统计。

查询全股票 NBBO 流：7月7日对比7月6日更新次数
每个数字背后的完整 SQL
SELECT
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-07')) / 1e6, 2) AS jul7_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-06')) / 1e6, 2) AS jul6_updates_m,
    round((countIf(toDate(sip_timestamp) = toDate('2026-07-07')) / countIf(toDate(sip_timestamp) = toDate('2026-07-06')) - 1) * 100, 1) AS day_over_day_pct,
    toHour(toTimeZone(maxIf(sip_timestamp, toDate(sip_timestamp) = toDate('2026-07-07')), 'America/New_York')) * 60
        + toMinute(toTimeZone(maxIf(sip_timestamp, toDate(sip_timestamp) = toDate('2026-07-07')), 'America/New_York')) AS jul7_last_quote_et_minute,
    round(countIf(sip_timestamp >= '2026-07-07 19:00:00' AND sip_timestamp < '2026-07-07 20:00:00') / 1e6, 2) AS jul7_close_hour_updates_m
FROM global_markets.cache_stocks_quotes
WHERE sip_timestamp >= '2026-07-06 00:00:00' AND sip_timestamp < '2026-07-08 00:00:00'

7月7日，股票行情共记录了 492.76 百万次 NBBO 更新，比周一的 391.96 百万次多出 25.7% 次。行情表现为报价频率增加，而非价差扩大：

查询空窗期内的报价触点：10:36–10:48 ET 的中位数买卖价差与报价频率，对比午间对照组（各12分钟）
每个数字背后的完整 SQL
SELECT
    ticker,
    round(quantileExactIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, bid_price > 0 AND ask_price >= bid_price AND sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00'), 2) AS pocket_spread_bps,
    round(quantileExactIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, bid_price > 0 AND ask_price >= bid_price AND sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00'), 2) AS midday_spread_bps,
    round(quantileExactIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, bid_price > 0 AND ask_price >= bid_price AND sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00')
        - quantileExactIf(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000, bid_price > 0 AND ask_price >= bid_price AND sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00'), 2) AS spread_delta_bps,
    round(countIf(sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00') / 1e3, 1) AS pocket_updates_k,
    round(countIf(sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00') / 1e3, 1) AS midday_updates_k,
    round(countIf(sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00') / countIf(sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00'), 1) AS quote_rate_ratio,
    round(count() / 1e6, 2) AS session_updates_m,
    countIf(bid_price <= 0 OR ask_price <= 0 OR bid_price > ask_price) AS dropped_invalid_quotes
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('AMD', 'INTC', 'MU', 'NVDA', 'QQQ', 'SNDK', 'SOXL', 'SOXS', 'SPY', 'WDC')
  AND sip_timestamp >= '2026-07-07 13:30:00' AND sip_timestamp < '2026-07-07 20:00:00'
GROUP BY ticker
ORDER BY ticker

在早盘低点时，样本证券的报价频率是午盘水平的数倍——MU 为 3.4 倍，SanDisk 为 4.1 倍，AMD 为 4.6 倍——而 买卖价差 几乎没有变动：MU 的中位数价差在低点时为 5.02 bps，而午盘为 4.81 bps；NVDA 的低点为 1.04 bps，午盘为 1.01 bps；SPY 则完全没有变动（在 0.27 bps 的触点上变化仅为 0 bps）。AMD (+2.6 bps) 和 Intel (+0.95 bps) 是两只价差明显扩大的股票——其中 Intel 是低点过后唯一持续下跌的股票——而杠杆交易对实际上在低点时收窄了（SOXL -2.59 bps，SOXS -1.49 bps）。流动性枯竭通常表现为报价宽且交易清淡；而本次情况恰恰相反——报价极其活跃，但触点价差保持稳定。尽管如此，交易成本仍取决于具体股票：SOXS 在低点的报价价差为 19.59 bps，而 NVDA 为 1.04 bps。

查询SPY 更新加权平均买卖价差：7月7日对比过去一个月排名（排名1 = 价差最窄）
每个数字背后的完整 SQL
SELECT
    round(anyIf(avg_spread_cents, d = toDate('2026-07-07')), 3) AS jul7_avg_spread_cents,
    arrayCount(x -> x < anyIf(avg_spread_cents, d = toDate('2026-07-07')), groupArrayIf(avg_spread_cents, d != toDate('2026-07-07'))) + 1 AS tightness_rank,
    count() AS sessions_compared,
    round(min(avg_spread_cents), 3) AS tightest_session_cents,
    round(max(avg_spread_cents), 3) AS widest_session_cents,
    toString(min(d)) AS first_session,
    sum(dropped_invalid) AS dropped_invalid_quotes
FROM (
    SELECT toDate(toTimeZone(sip_timestamp, 'America/New_York')) AS d,
           avgIf(toFloat64(ask_price - bid_price), bid_price > 0 AND ask_price >= bid_price) * 100 AS avg_spread_cents,
           countIf(NOT (bid_price > 0 AND ask_price >= bid_price)) AS dropped_invalid
    FROM global_markets.cache_stocks_quotes
    WHERE ticker = 'SPY'
      AND sip_timestamp >= toDateTime('2026-06-05 00:00:00')
      AND sip_timestamp < toDateTime('2026-07-08 00:00:00')
      AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199
    GROUP BY d
)

本节内容每场交易都会进行常规统计：按更新加权平均报价价差计算，7月7日是 SPY 近一个月内价差最窄的交易日——为 1.809 美分，在 21 个交易日中排名 1，而本月最宽时曾达到 2.865 美分。在指数触点最窄的情况下出现两比一的跌幅，这一事实只能由报价流来证实。

查询期权 NBBO 流：7月7日对比7月6日，以及对比当日股票报价
每个数字背后的完整 SQL
WITH
    (
        SELECT count()
        FROM global_markets.cache_options_quotes
        WHERE toYYYYMMDD(sip_timestamp) = 20260707
    ) AS jul7_option_rows,
    (
        SELECT count()
        FROM global_markets.cache_options_quotes
        WHERE toYYYYMMDD(sip_timestamp) = 20260706
    ) AS jul6_option_rows,
    (
        SELECT count()
        FROM global_markets.cache_stocks_quotes
        WHERE toYYYYMMDD(sip_timestamp) = 20260707
    ) AS jul7_stock_quote_rows
SELECT
    jul7_option_rows AS jul7_option_quote_rows,
    round(jul7_option_rows / 1e9, 2) AS jul7_option_quote_updates_bn,
    round(jul6_option_rows / 1e9, 2) AS jul6_option_quote_updates_bn,
    round((jul7_option_rows / jul6_option_rows - 1) * 100, 1) AS day_over_day_pct,
    round(jul7_stock_quote_rows / 1e6, 2) AS jul7_stock_quote_updates_m,
    round(jul7_option_rows / jul7_stock_quote_rows, 1) AS jul7_option_to_stock_ratio

期权报价流的数据量更大，是本数据库中最大的数据集。7月7日共有 8.69 十亿次 期权 NBBO 更新，是同期整个股票报价行情（492.76 百万次更新）的 17.6 倍。周一的期权行情为 6.49 十亿次，因此期权流环比增长了 34%，股票流环比增长了 25.7%。

查询7月7日 SPY 期权报价：全根数据，以及空窗期内的平值报价触点对比午间对照组
每个数字背后的完整 SQL
WITH
    (
        SELECT count()
        FROM global_markets.cache_stocks_quotes
        WHERE toYYYYMMDD(sip_timestamp) = 20260707
    ) AS jul7_stock_quote_rows,
    (
        SELECT round(toFloat64(avg(close)), 2)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY'
          AND window_start >= '2026-07-07 14:36:00' AND window_start < '2026-07-07 14:48:00'
    ) AS spy_pocket_price,
    (
        SELECT round(toFloat64(avg(close)), 2)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY'
          AND window_start >= '2026-07-07 17:30:00' AND window_start < '2026-07-07 17:42:00'
    ) AS spy_midday_price
SELECT
    round(count() / 1e6, 2) AS spy_option_updates_m,
    round(100.0 * count() / jul7_stock_quote_rows, 1) AS pct_of_whole_equity_quote_tape,
    uniqExact(ticker) AS spy_contracts_quoted,
    round(countIf(substring(ticker, -15, 6) = '260707') / 1e6, 2) AS same_day_updates_m,
    spy_pocket_price AS spy_price_in_pocket,
    spy_midday_price AS spy_price_midday,
    round(quantileExactIf(0.5)(toFloat64(ask_price - bid_price),
        bid_price > 0 AND ask_price >= bid_price
        AND substring(ticker, -15, 6) = '260707'
        AND abs(toFloat64(toUInt32OrZero(substring(ticker, -8))) / 1000 - spy_pocket_price) <= 2
        AND sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00'), 3) AS pocket_atm_spread_dollars,
    round(quantileExactIf(0.5)(toFloat64(ask_price - bid_price),
        bid_price > 0 AND ask_price >= bid_price
        AND substring(ticker, -15, 6) = '260707'
        AND abs(toFloat64(toUInt32OrZero(substring(ticker, -8))) / 1000 - spy_midday_price) <= 2
        AND sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00'), 3) AS midday_atm_spread_dollars,
    round(pocket_atm_spread_dollars - midday_atm_spread_dollars, 3) AS atm_spread_delta_dollars,
    round(countIf(substring(ticker, -15, 6) = '260707'
        AND abs(toFloat64(toUInt32OrZero(substring(ticker, -8))) / 1000 - spy_pocket_price) <= 2
        AND sip_timestamp >= '2026-07-07 14:36:00' AND sip_timestamp < '2026-07-07 14:48:00') / 1e3, 1) AS pocket_atm_updates_k,
    round(countIf(substring(ticker, -15, 6) = '260707'
        AND abs(toFloat64(toUInt32OrZero(substring(ticker, -8))) / 1000 - spy_midday_price) <= 2
        AND sip_timestamp >= '2026-07-07 17:30:00' AND sip_timestamp < '2026-07-07 17:42:00') / 1e3, 1) AS midday_atm_updates_k,
    round(pocket_atm_updates_k / midday_atm_updates_k, 1) AS atm_quote_rate_ratio,
    countIf(NOT (bid_price > 0 AND ask_price >= bid_price)
        AND substring(ticker, -15, 6) = '260707') AS dropped_invalid_same_day_quotes
FROM global_markets.cache_options_quotes
WHERE ticker >= 'O:SPY26' AND ticker < 'O:SPY27'
  AND sip_timestamp >= '2026-07-07 13:30:00' AND sip_timestamp < '2026-07-07 20:00:00'
HAVING pocket_atm_updates_k > 0 AND midday_atm_updates_k > 0

仅 SPY 2026年到期的合约在常规交易时间内就占据了这些更新中的 327.55 百万次，分布在 9116 个上市合约中。这相当于当天整个股票市场总报价量的 66.5%，而这些报价仅来自单一标的。包含 0DTE 行情 的当日到期合约占了其中的 13.61 百万次。

在早盘十二分钟的波动真空期内，平值当日到期合约的中位数价差为 $0.01，与午盘控制水平（$0.01，差值为 0）完全一致。该组合的报价频率为 3 倍：低点时为 191.1 千次更新，午盘为 64 千次。期权的触点表现与股票一致：在报价频率激增时，其价差保持稳定。平值是指在同一时间窗口内，行权价与 SPY 平均价格差距在 2 美元以内的合约，本表同时列出两者价格（低点为 746，午盘为 749.08）。

利率：收益率曲线随增长预期走弱

查询国债收益率曲线：7月7日对比7月6日数据（仅限已公布期限）
每个数字背后的完整 SQL
SELECT
    t.1 AS curve_point,
    round(t.2, 2) AS jul7_yield_pct,
    round((t.2 - t.3) * 100) AS session_change_bp
FROM (
    SELECT arrayJoin([
        ('1 month',  toFloat64(d.yield_1_month),  toFloat64(p.yield_1_month)),
        ('3 month',  toFloat64(d.yield_3_month),  toFloat64(p.yield_3_month)),
        ('1 year',   toFloat64(d.yield_1_year),   toFloat64(p.yield_1_year)),
        ('2 year',   toFloat64(d.yield_2_year),   toFloat64(p.yield_2_year)),
        ('5 year',   toFloat64(d.yield_5_year),   toFloat64(p.yield_5_year)),
        ('10 year',  toFloat64(d.yield_10_year),  toFloat64(p.yield_10_year)),
        ('30 year',  toFloat64(d.yield_30_year),  toFloat64(p.yield_30_year)),
        ('2s10s spread', toFloat64(d.yield_10_year - d.yield_2_year), toFloat64(p.yield_10_year - p.yield_2_year))
    ]) AS t
    FROM (SELECT * FROM global_markets.treasury_yields WHERE date = '2026-07-07') AS d,
         (SELECT * FROM global_markets.treasury_yields WHERE date = '2026-07-06') AS p
)

美债收益率随增长预期走弱而下跌。1年期收益率上升 11 个基点至 4.06%，10年期上升 7 至 4.55%，30年期上升 6 至 5.05% —— 已突破5%大关。2s10s spread 维持在 0.36 个百分点（变动 1 个基点）：走势基本平行，而非曲线重塑。

日历回顾

查询7月7日公司日历与信息流汇总
每个数字背后的完整 SQL
WITH
    (
        SELECT (count(), uniqExact(publisher))
        FROM global_markets.stocks_news
        WHERE toDate(toTimeZone(published_utc, 'America/New_York')) = '2026-07-07'
    ) AS news,
    (
        SELECT (argMax(t, n), max(n), max(n) - arraySort(x -> -x, groupArray(n))[2])
        FROM (
            SELECT t, count() AS n
            FROM (
                SELECT arrayJoin(tickers) AS t
                FROM global_markets.stocks_news
                WHERE toDate(toTimeZone(published_utc, 'America/New_York')) = '2026-07-07'
            )
            WHERE t != 'SPCX'
            GROUP BY t
        )
    ) AS top_news
SELECT
    (SELECT count() FROM global_markets.stocks_dividends WHERE ex_dividend_date = '2026-07-07') AS ex_dividend_records,
    (SELECT count() FROM global_markets.stocks_splits WHERE execution_date = '2026-07-07') AS splits_executed,
    (SELECT countIf(toFloat64(split_from) > toFloat64(split_to)) FROM global_markets.stocks_splits WHERE execution_date = '2026-07-07') AS reverse_splits,
    (SELECT countIf(toFloat64(split_to) > toFloat64(split_from)) FROM global_markets.stocks_splits WHERE execution_date = '2026-07-07') AS forward_splits,
    (SELECT count() FROM global_markets.stocks_ipos WHERE listing_date = '2026-07-07') AS ipos_listed,
    (SELECT uniqExact(accession_number) FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-07') AS sec_filings,
    (SELECT uniqExactIf(accession_number, form_type = '4') FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-07') AS insider_form4_filings,
    (SELECT uniqExactIf(accession_number, form_type = '8-K') FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-07') AS filings_8k,
    news.1 AS news_articles,
    news.2 AS news_publishers,
    top_news.1 AS most_covered_ticker,
    if(top_news.1 = 'NVDA', 1, 0) AS most_covered_is_nvda,
    top_news.2 AS most_covered_articles,
    top_news.3 AS most_covered_lead_over_next,
    (SELECT countIf(has(tickers, 'CRNX')) FROM global_markets.stocks_news
     WHERE toDate(toTimeZone(published_utc, 'America/New_York')) = '2026-07-07') AS crnx_articles

79 股息记录已 除息，7 进行了拆股——其中 5 为 反向拆股。这类低于一美元的整合会在未经调整的行情中制造出虚假的百位百分比“涨幅”，而 2 则是前瞻性数据——此外还新增了 1 个新上市项目。SEC 指数记录了 2433 份文件：463 份 Form 4 和 173 份 8-K。我们的新闻推送包含来自 3 家出版商的 215 篇文章；被报道最多的股票是 NVDA，共有 17 篇文章，比排名第二的股票多出 4 篇——后者即 NVDA，该股在板块普遍下跌的交易日中收涨。行情中涨幅最显著的 CRNX 有 0 篇文章，但这仅代表该新闻源的关注度，而非全球媒体的焦点。

交易时段确认

查询交易时段检查：SPY 观察到的分钟线跨度、节假日表及下个交易日收盘时间
每个数字背后的完整 SQL
SELECT
    formatDateTime(min(toTimeZone(window_start, 'America/New_York')), '%H:%i') AS first_spy_bar_et,
    formatDateTime(max(toTimeZone(window_start, 'America/New_York')), '%H:%i') AS last_spy_bar_et,
    count() AS spy_minute_bars,
    countIf(window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00') AS regular_session_bars,
    uniqExactIf(toDate(toTimeZone(window_start, 'America/New_York')), window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00') AS day_sessions,
    (SELECT count() FROM global_markets.stocks_market_holidays WHERE date = '2026-07-07') AS jul7_holiday_rows,
    (SELECT toString(min(date)) FROM global_markets.stocks_market_holidays WHERE date > '2026-07-07' AND status = 'closed') AS next_closure_date,
    (SELECT argMin(name, date) FROM global_markets.stocks_market_holidays WHERE date > '2026-07-07' AND status = 'closed') AS next_closure_name
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY' AND window_start >= '2026-07-07 00:00:00' AND window_start < '2026-07-08 00:00:00'

7月7日为完整交易时段，并非早盘休市：SPY 的 K 线从纽约时间 04:00 运行至 19:59，共有 390 根常规窗口 K 线，节假日表格显示该日期共有 0 行数据。下次预定休市时间为 Labor Day，2026-09-07。

数据说明

  • 美元成交额为每分钟代理指标 — 指常规交易时间内，每分钟收盘价乘以成交量的总和。
  • 缺口与趋势对比 — 以每只股票常规交易时段的第一根 K 线（开盘价）对比前一交易日的最后收盘价；其余部分为 7 月 7 日内的开盘至收盘价差。
  • 同步早盘低点已在撰写时与相邻 K 线进行交叉核对 — 每个低点均由其相邻分钟数据追踪，而非单一报价；均未被判定为异常。若某一极端值在多分钟内出现，面板将显示最早出现的该根 K 线（确定性的平局判定规则）。
  • 一个重复使用的代码 — 在进行实体验证前，该代码已从成交量排行榜和新闻摘要中剔除；其专属文章包含相关凭证。
  • 报价价差统计排除了无效报价（单边或交叉的 NBBO 记录），每个价差面板都会在独立列中统计剔除的数量。“更新加权平均价差”是对每个有效 NBBO 更新的报价宽度取平均值——交易活跃时段权重更高；这是一项报价统计指标，而非单笔交易成本。
  • 7 月 7 日的期权报价晚于本文首次发布。 cache_options_quotes 的数据摄取延迟最长，因此首版在期权报价面板处显示为受限的零行记录。数据随后已到达，但在重新生成时零行限制失效，本修订版包含了该交易日 8.69 十亿次的更新。股票报价数据从一开始即为完整：其 7 月 7 日的最后一次更新出现在东部时间 1199 分钟，常规交易最后时刻包含 77.13 百万次更新（见报价带面板中的接收列）。
  • 期权报价宽度按平值附近衡量。 对所有列出的当日合约进行每更新一次的取中位数统计，这是一项综合统计指标：深实值合约的报价宽度为美元，深虚值合约的报价宽度为美分，且统计了合约在交易日内的重新报价变化。盘中与午间对比仅限于每个时间窗口内 SPY 平均价格上下 2 美元范围内的行权价，两种价格均在面板列中显示。无效期权报价（单边或交叉）会在该面板中计数，而非被静默剔除。
  • 7 月 7 日的国债数据摄取滞后于交易日 — 首版显示为已披露的延迟记录；在 7 月 8 日数据到达时触发了预警，本修订版包含了实际的曲线。

方法论

  • 统计周期为单个交易日（1 session，通过观察 K 线和节假日日历验证，而非假设）。时间戳以 UTC 存储，并在查询中转换为纽约时间。“收盘”指常规交易时段的最后一分钟 K 线；日度变化对比的是 7 月 7 日与 7 月 6 日这两个连续交易日。
  • 小数列在进行比例运算前会转换为 64 位浮点数；期权到期日根据 OCC 代码重新解析（原表自带的到期日列存在错误）。所有面板均在编写时通过受限的只读路径读取一次。数据仓库状态截至 2026 年 7 月 8 日。
  • 报价行情部分是在 7 月 8 日修订版中新增的（该修订版同时将国债滞后收据替换为落地打印数据），其期权报价面板是在 7 月 7 日的期权 NBBO 行数据落地后重写的。生成过程设计为批处理任务：SPY 期权报价面板需扫描数亿条 NBBO 记录，而成交量统计则是读取当日分区的数据行总数，这也是每交易日包含数十亿行数据的表能在不到一秒内完成计数的原因。

每个面板均为存储的查询结果——图表、表格和 SQL 是同一个对象。您可以将其中任何内容粘贴到 Strasmore 终端并进行自定义。前一交易日：7 月 6 日。

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