FLAT SESSION: SPY -0.28% | Range-bound

U.S. equities finished mixed after a tight, low-conviction session. SPY opened at $764.71, briefly reached $765.22, and fell as low as $762.08 before closing at $763.54, down 0.28%. The close was $1.46 above the session low but below both the opening price and intraday high, showing that buyers defended the lower end of the range without generating a sustained upside breakout.

• QQQ: closed near $706.32 today; watch today's session high and low as the immediate technical reference for the next trading day.

Under the surface, breadth was stronger than the headline indexes: eight of 11 sectors advanced, led by Consumer Staples, Financials, and Utilities. That divergence reflected rotation away from technology and into defensive and value-oriented groups. Volume reached only 0.70 times average, limiting the conviction behind both the index declines and the broader sector rally.

• SPY: closed near $763.54 today; watch today's session high and low as the immediate technical reference for the next trading day. NASDAQ (QQQ): $706.32 (Close) | -1.00% • IWM: closed near $297.97 today; watch today's session high and low as the immediate technical reference for the next trading day. • VIX: closed near $15.85 today; watch today's session high and low as the immediate technical reference for the next trading day. Volume: Light (0.70x average)

- Mastercard (MA): +3.31% to $599.86 — Led the large-cap gainers as payment stocks benefited from the session’s rotation into Financials, which advanced 1.29%. - Visa (V): +3.07% to $382.44 — Traded in tandem with Mastercard, reflecting concentrated strength in payment networks amid broader financial-sector leadership. - Walmart (WMT): +2.69% to $106.49 — Outperformed as investors favored defensive consumer exposure; Consumer Staples was the leading sector with a 1.68% gain. - Costco (COST): +2.50% to $971.40 — Participated in the staples rally as capital rotated toward companies with comparatively defensive demand profiles. - UnitedHealth (UNH): +2.25% to $398.88 — Attracted buying as investors shifted away from technology and toward more defensive large-cap exposure.

- Tesla (TSLA): -3.83% to $348.95 — Led the downside as high-beta growth shares came under pressure during the broader retreat from technology-oriented risk. • QQQ: closed near $706.32 today; watch today's session high and low as the immediate technical reference for the next trading day. - Intel (INTC): -3.12% to $87.26 — Dropped alongside the semiconductor group, confirming that chip weakness was broad rather than isolated to one company. - Nvidia (NVDA): -2.91% to $208.48 — Declined as investors reduced exposure to major technology and AI-linked leaders despite positive breadth elsewhere. - Oracle (ORCL): -2.74% to $142.45 — Joined the technology selloff, reinforcing the rotation away from software and other growth-heavy areas.

Consumer Staples gained 1.68%, Financials rose 1.29%, and Utilities advanced 1.02%, while Technology lost 1.79%, Energy fell 0.83%, and Industrials declined 0.70%. With eight of 11 sectors positive but QQQ down 1.00%, the tape showed broad participation alongside concentrated mega-cap technology weakness—a rotation toward defensive and value exposure rather than a market-wide liquidation.

- SPY tested $765.22 resistance but failed to hold above its $764.71 opening level, making the $764.71-$765.22 zone the first upside hurdle for the next session. - SPY found intraday support at $762.08 and recovered to $763.54; a break below $762.08 would signal that the session’s lower-range buying failed to hold. - The $763.54 SPY close sits near the midpoint of the $762.08-$765.22 range, confirming a range-bound session with no decisive control by buyers or sellers. • QQQ: closed near $706.32 today; watch today's session high and low as the immediate technical reference for the next trading day.

• SPY: closed near $763.54 today; watch today's session high and low as the immediate technical reference for the next trading day.

A low-volume rotation session in which broad sector strength was offset by concentrated technology selling, leaving SPY range-bound and modestly lower.