Explosive moves in individual stocks and sectors are underpinning a white-hot streak in the market.

Major U.S. stock indexes have kicked off the second quarter with a bang, powering higher and building on a blockbuster rally that began in March of last year. The market’s ascent since then has been nearly relentless, pushing the S&P 500 to 17 new highs in 2021 and recently hurtling past the index’s 4000 mark for the first time. The Cboe Volatility Index, a gauge of stock volatility based on options priced on the S&P 500, recently closed at its lowest level in more than a year.