The trade is fairly simple: sell downside protection in semiconductor names where volatility is expensive, and buy downside protection in the S&P 500, where it's relatively cheap.
Uber and Disney pointed to a resilient spending backdrop, with consumers continuing to shell out for rides, food delivery, vacations and theme park trips.
What's good for energy stocks may be bad for precious metals if the rally in crude means a rise in Treasury yields, which usually means lower gold prices.