S&P 500-1.24%▼: Closed at 7,408.50, down 1.24% after gains remained concentrated in a handful of large-cap names while broader participation weakened. Nasdaq-1.54%▼: Closed at 26,225.15, down 1.54% despite Technology showing a small sector uptick (+0.12%), as several big-cap growth names trimmed earlier intraday advances. Russell 2000-2.44%▼: Closed at 2,793.30, down 2.44% with small-cap indices lagging large-cap benchmarks. Dow-1.07%▼: Closed at 49,526.17, down 1.07% as Energy outperformance (+1.12%) was insufficient to offset declines across cyclical and defensive names. VIX+6.78%▲: At 18.43, up 6.78% amid elevated headline-driven uncertainty tied to trade and geopolitical developments. Crypto: BTC near $77k and ETH near $2.2k, trading mixed after recent ETF flows and headlines. What's driving the market this week A wartime energy shock pushed fuel and oil-related prices higher, boosting Energy sector returns while weighing on consumer-exposed sectors through higher fuel costs. U.S.-China summit discussions — including tariffs and trade concessions — produced headlines that affected trade-sensitive names and added policy uncertainty across sectors. Market leadership narrowed to a small group of large-cap tech winners while small-caps and many cyclical sectors underperformed, amplifying headline-driven index moves.