US Markets
Stocks climb, but small caps and health care lag
The major indexes finish mixed, with yields higher, volatility lower, and the tape leaning defensive in spots.
U.S. stocks end the day with the S&P 500 up 0.4% at 7,575.4 and the Nasdaq Composite up 0.3% at 26,281.6. The Dow Jones adds 0.3% to 52,637.0. The Russell 2000 slips 0.5% to 2,977.8, a reminder that the move higher is not uniform across the market.
The S&P 500’s intraday path is more of a slow grind than a surge. It opens near 7,553.3, dips to 7,534.7, then spends the rest of the session climbing in a narrow range before finishing at 7,575.4. The index stays above its 200-day moving average, and its 14-day RSI sits at 57.3.
Sector leadership is spread across the defensive and cyclical parts of the market. Materials rises 1.3%, staples gains 1.1%, and communication services adds 1.0%. Health care is the weakest group, down 0.8%. Tech is up just 0.2%, while financials, industrials, real estate, and discretionary all post modest gains.
Options flow shows a slightly more cautious tilt in the Nasdaq than in the S&P. SPY has a put-call ratio of 0.92, while QQQ comes in at 1.1. Both indexes still close higher, even as Treasury yields move up and the VIX falls to 15.03.