S&P 500+0.59%▲: Closed higher, reversing earlier weakness and finishing the session with gains into the close. Nasdaq+1.20%▲: Strength in semiconductor and AI-related names supported a notable advance for the tech-heavy benchmark. Russell 2000+0.04%▲: Essentially flat, with small-cap movers finishing the day mixed. Dow-0.14%▼: Modest decline, lagging the broader market’s tech-led advance. VIX-0.67%▼: Volatility eased to 17.87, reflecting lower intraday implied volatility at the close. Crypto: BTC-1.50%▼: Trading near the low $80k range after intraday weakness tied to hot wholesale inflation prints. ETH-1.00%▼: Near $2.3k, slightly softer on the day amid the same inflation-driven pressure. What's driving the market this week The Senate confirmed Kevin Warsh as Federal Reserve chair Wednesday, a concrete leadership change on the Fed’s timeline that entered market headlines. U.S. producer prices surged in April (PPI +1.4% m/m; +6.0% y/y), producing renewed inflation headlines and prompting re-pricing across equities and crypto. President Trump’s trip to China included a delegation of major CEOs and a last‑minute addition from a top AI‑chip executive, fueling hopes of progress on chip exports and supporting semiconductor names.