S&P 500+0.50%▲: closed at 7,431.46, finishing higher amid gains in Technology and Utilities following a strong IPO backdrop. Nasdaq+0.31%▲: closed at 25,888.84, modestly higher with headline-cap tech names mixed but aided by new-issue activity. Russell 2000+0.79%▲: closed at 2,943.99, outpacing large caps as small-cap and mid-cap names posted broad advances. Dow+0.70%▲: closed at 51,202.26, led by cyclical components that benefitted from easing energy prices. VIX-9.05%▼: settled at 17.68, reflecting a notable intra-day volatility decline. Crypto: BTC traded near the low-$60k range and ETH around $1.66k, with mixed flows reported across spot-ETF and exchange venues. What's driving the market this week SpaceX’s record IPO and continued settlement news for prior regulatory disputes kept headlines focused on large-cap technology and aerospace listings, supporting demand for related equities and adding liquidity to equity markets. A sharp drop in Brent crude on hopes for a potential U.S.–Iran deal reduced energy-sector pressure and helped reweight gains toward non-energy sectors, contributing to Friday’s advance. The recent Fed leadership transition, with Kevin Warsh confirmed and sworn in as chair in May, remained a prominent macro theme as commentary about his regulatory and balance-sheet priorities circulated this week.