S&P 500-0.05%▼: finished marginally lower as large-cap tech and hardware exposure weighed amid renewed memory‑price repricing. Nasdaq-0.24%▼: led declines driven by semiconductor and AI‑hardware names ahead of major capacity and funding announcements. Russell 2000+0.07%▲: small‑cap benchmark was slightly positive, supported by strength in Consumer Cyclical issues. Dow-0.09%▼: modest decline with mixed performance across industrial and blue‑chip names. VIX-2.54%▼: ticked down, leaving implied volatility lower on the close. Crypto: BTC near the mid‑$70k range and ETH around $2.1k, holding recent multi‑week ranges. What's driving the market this week Strong AI memory demand and blockbuster capacity plans have reshaped hardware profit expectations, and a major memory‑chip firm’s planned U.S. listing amplified sector flows and valuation moves. Oil and refined‑product softness amid signs of Gulf supply normalization and related macro headlines weighed on Energy names, contributing to the sector’s weakness. Escalating trade rhetoric—including threats of 100% tariffs tied to digital‑services taxes—added a geopolitical policy overhang for globally exposed tech and trade‑sensitive sectors.