S&P 500-0.55%▼: closed at 7,512.99, led lower by headline-heavy large-cap tech weakness. Nasdaq-1.15%▼: closed at 26,376.34, reflecting a broad technology-sector pullback and SpaceX-related reweighting. Russell 2000-0.87%▼: closed at 2,939.19, underperforming amid selective small-cap declines. Dow+0.64%▲: closed at 51,999.67, helped by gains in defensive and industrial names. VIX+1.30%▲: 16.41, modestly higher on the session. Crypto: BTC-0.81%▼ $65,731 and ETH+0.07%▲ $1,793.93, trading with small net changes into the close. What's driving the market this week A U.S.–Iran memorandum of understanding slated for signing this week would reopen the Strait of Hormuz and lift some oil-related constraints, a development being tracked for its potential to ease energy-market pressure. The SpaceX IPO and the emergence of a new AI-era cohort dubbed “MANGOS” have triggered positioning shifts; asset managers are filing AI-focused ETF products while some funds adjusted tech exposure ahead of the listing. Technology’s Technology-3.04%▼ drop is the largest sector move, weighing on index levels as megacap and AI-exposed names underperformed after a week of heavy headline flow.