S&P 500-0.93%▼: traded at 7,431.65, reversing from recent highs as the broad index moved lower on the session. Nasdaq-1.18%▼: slipped to 26,321.73, led by losses in large-cap tech and AI-related names amid a pullback from this week’s rallies. Russell 2000-2.21%▼: dropped to 2,799.77, underperforming as small-cap stocks moved lower early in the session. Dow-0.94%▼: fell to 49,591.00, reversing part of yesterday’s gains after mixed headlines from overseas diplomacy. VIX+5.68%▲: rose to 18.24, with option-implied volatility moving higher alongside equity declines. Crypto: BTC and ETH moved mixed intraday, with Bitcoin trading near recent elevated levels and Ethereum around mid‑$2,200s as digital-asset flows fluctuated. What's driving the market this week Trump’s Beijing summit produced a reported order for U.S. aircraft but delivered fewer broad commercial and policy breakthroughs than some had anticipated, coinciding with profit-taking in parts of the market. Regional activity data surprised to the upside as the NY Empire State Manufacturing Index jumped in May, signalling firmer factory activity in the region. A planned leadership transition on the Federal Reserve board materialized as a governor resigned ahead of a chairman-designate’s swearing-in, marking a near-term change in personnel on the policy panel.