S&P 500-0.26%▼: trading at 7,517.63, down 0.26% as headline debate over AI valuations coincides with sector weakness. Nasdaq-0.87%▼: trading at 25,894.60, down 0.87% with large-cap tech underperforming on the day. Russell 2000-0.01%▼: trading at 3,009.13, essentially flat for the session. Dow+0.27%▲: trading at 53,200.92, up 0.27% as Consumer Cyclical and Financial Services sit among the best-performing sectors. VIX+2.76%▲: trading at 16.00, up 2.76% with options-implied volatility higher intraday. Crypto: BTC+2.41%▲ $63,153, showing intraday gains on patchy follow-through; ETH-0.14%▼ $1,772, trading mixed across futures and spot venues. What's driving the market this week The U.S. goods trade deficit widened sharply in May as capital-goods imports hit a record, adding a headline economic datapoint that feeds through to growth estimates. Public commentary and social-media warnings about stretched AI-related valuations have resurfaced, weighing on tech leadership and related indexes. Dealflow in biotech continues, with a clinical-stage obesity biotech submitting a confidential draft registration for a proposed U.S. IPO today.