S&P 500+0.00%▲: closed at 7,483.24, essentially flat. Nasdaq-0.80%▼: closed at 25,832.67, led by weakness in large-cap technology names. Russell 2000-0.55%▼: closed at 2,996.11, small-cap weakness outperformed the Nasdaq decline. Dow+1.14%▲: closed at 52,900.07, driven by gains among cyclical and healthcare-weighted components. VIX-2.11%▼: closed at 15.81, lower on the session’s reads of option-implied volatility. Crypto: BTC+0.70%▲ and ETH-0.95%▼ — Bitcoin trading near the low-$60ks range while Ether sits around the mid-$1,500s, showing mixed crypto activity. What's driving the market this week Iraq approved preliminary agreements to study new strategic oil export pipeline projects, a geopolitical development affecting energy routing and regional export capacity. Coverage argues the AI-led tech narrative has cooled, with commentary and flows signaling reduced enthusiasm for high-multiple AI plays; that trend corresponds with the Nasdaq and Technology sector declines. Healthcare outperformance and strong flows into stock funds after a robust quarter supported defensive and healthcare names, contributing to the Dow’s advance and the sector’s lead among group gains.