The S&P 500+0.05%▲ is at 7,411.98, modestly higher. The Nasdaq-0.64%▼ is at 24,975.82, weaker on tech underperformance. The Russell 2000-0.35%▼ is at 2,930.00, down small-cap. The Dow+0.46%▲ is at 51,947.25, driven by large-cap industrials. The VIX-0.64%▼ is at 18.58, slightly lower. Crypto: BTC+0.01%▲ trading near $65,230 and ETH+0.00%▲ around $1,624.95. What's driving the market this week China’s record-sized memory IPO and blockbuster debut for a major DRAM maker has pushed chip and memory themes into the headlines, with listings in Shanghai rallying sharply on AI-driven demand for memory. A newly announced set of U.S. tariffs on dozens of trading partners and related trade actions have introduced fresh trade-policy headlines that affect cross-border supply chains and select sectors. High-profile IPO filings and approvals for large retail platforms, including a recent Hong Kong filing, are refocusing attention on global consumer and e-commerce listings and related regulatory and supply-chain disclosures.