S&P 500+0.00%▲: little change in futures after a holiday-shortened week. Nasdaq-0.80%▼: weakness concentrated in semiconductors and other large-cap tech names. Russell 2000-0.55%▼: small-cap futures lagging the large-cap rebound. Dow+1.14%▲: continued strength as cyclical and defensive names lift the headline average. VIX+3.48%▲: higher, reflecting a modest rise in option-implied volatility ahead of fresh economic and Fed minutes. Crypto: BTC+0.70%▲ trading near $63,150 after reclaiming the $63k level, and ETH+0.57%▲ trading near $1,774 as the large-cap crypto bounce broadens. What's driving the market this week A smaller-than-expected move higher in OPEC+ output targets and early recovery of Strait of Hormuz flows put downward pressure on oil and weighed on the Energy sector, helping explain weakness in energy names and a broader shift into other sectors. A pullback in chip and semiconductor stocks continues to pressure the Nasdaq-0.80%▼, with recent volatility in memory and storage names driving tech underperformance even as some chip names stabilized in pre-market trade. Renewed large-scale strikes and cross-border attacks in the Russia–Ukraine conflict have kept geopolitical risk elevated, contributing to higher short-term volatility and flows into Healthcare and Consumer Defensive, which are showing relative strength.