SPY is up 0.6% in the regular session. Consumer Discretionary leads at +2.2%, with Marriott up 5.0% and Amazon up 4.0%. Materials (+1.8%), Industrials (+1.5%) and Financials (+1.5%) also outperform. Technology is barely positive at +0.1%, weighed down by Oracle, down 5.4% after announcing plans to raise $20bn through bond and stock sales and filing to offer $10bn of common stock. Health Care is the weakest major sector at -0.5% even as IDXX Laboratories jumps 16.4%, the best performer in that group. Energy is the clear laggard at -2.1% as crude benchmarks tumble.

Factor performance is mixed: equal-weight RSP is up 0.9% and small caps (SPSM) gain 1.1%, while momentum factors SPMO and MTUM both slip 0.6%.

Within mega-cap growth, GE Aerospace adds 3.4% while Oracle is the cohort's worst performer, and Chevron and ExxonMobil each fall around 2%.

Elsewhere, Airlines (JETS) rise 4.8%, Homebuilders (ITB) gain 3.6%, and Uranium (URA) adds 2.7%.

Lumentum is the session's sharpest decliner after Marvell Technology agreed to acquire it in a $115bn deal, with Marvell also dropping as the acquirer. CBRE Group is among the top gainers.

• CVNA (Carvana): +5.8%
• PDD (PDD Holdings): +5.1%
• SPCX (Space Exploration Technologies): +4.5%
• CBRE (CBRE Group): +4.2%
• NBIS (Nebius Group): -4.3%
• LYB (LyondellBasell): -4.4%
• CRWV (CoreWeave): -4.4%
• MRVL (Marvell Technology): -5.1% - on Lumentum acquisition terms
• LITE (Lumentum Holdings): -9.5% - after Marvell's $115bn acquisition agreement

Gold Miners (GDX, GDXJ) and Silver (SLV) rally as spot gold extends gains to near $3,950/oz, while Crude Oil (USO) and Brent Oil (BNO) fall 5.7%.

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