Amazon converted the session into a mega-cap earnings rally, lifting SPY 0.72% and QQQ 0.65%, but IWM fell 0.48% and Apple dropped 7.35%. The close was risk-on at the index level yet narrow underneath: discretionary and communication services led, software beat semiconductors, and high rates continued to penalize smaller and more balance-sheet-sensitive equities.
XLY led at +3.29% as AMZN rose 15.32% after public reporting highlighted management's case that heavy AI investment is translating into cloud demand and earnings power. Broadline Retail gained 1.14% with 83.3% of constituents above both the 50- and 200-day averages, but the sector move was much larger than the sub-industry advance, showing how heavily the headline result depended on Amazon's index weight.
XLK slipped 0.22% even as MSFT gained 3.02%, CRWD 3.05% and ANET 5.46%. IGV outperformed SMH by 1.06 points, extending the week's central distinction: investors rewarded visible software and cloud monetization while semiconductor exposure needed company-specific proof after the prior de-crowding shock.
AAPL fell 7.35% while AMZN gained 15.32%, a 22.67-point dispersion between two mega-cap earnings reactions. The market was not buying large-cap technology indiscriminately; it was repricing the quality and immediacy of the forward earnings bridge. Estimate revisions and post-call guidance details are the next confirmation test.
XLE rose 1.00%, USO gained 1.33%, and Oil & Gas Drilling and Equipment & Services led sub-industries at +3.86% and +2.63%. Public reporting tied stronger Exxon and Chevron profit to higher oil prices associated with the Iran conflict. The positive cash-flow read-through remains offset by a 4.745% 10-year yield, so persistent crude strength would help producers but raise the discount-rate hurdle for the rest of the market.
The repaired scanner produced 1,205 usable histories with at least 200 sessions out of 1,411 discovered symbols, while the industry engine had 1,143 constituents with at least 220 sessions. Breadth remained constructive at 62.2% above the 50-day and 69.0% above the 200-day, but IWM lagged SPY by 1.20 points today. That combination supports a positive medium-term regime while warning that the closing rally relied on mega-cap winners.
Oil & Gas Drilling +3.86%, Interactive Media & Services +3.30%, Oil & Gas Equipment & Services +2.63%, Electronic Components +2.32% and Systems Software +2.28% led the 113-industry table. Systems Software breadth was notably strong at 83.3% above the 50-day and 75.0% above the 200-day, whereas Electronic Components had only 28.6% above the 50-day despite a positive session, making software leadership the cleaner trend signal.
Health Care Services fell 4.95%, Fertilizers & Agricultural Chemicals 4.78%, Internet Services & Infrastructure 3.24%, Biotechnology 2.93% and Transaction & Payment Processing Services 2.92%. XBI's 2.94% loss and Materials' 2.34% decline show that the headline index gain did not represent broad participation. A reversal requires these groups to reclaim their 50-day trends with improving constituent breadth.
Growth gained 1.10% while Value lost 1.13%, and Momentum added 0.27%; however, the 10-year yield rose to 4.745% and TLT fell 0.66%. The apparent contradiction is resolved by earnings concentration: proven mega-cap growth could overcome the high discount rate, while small caps and broad value could not. A renewed rise in yields without earnings revisions would threaten this narrow growth leadership.
The quantitative regime score was +0.85 RISK ON, supported by VIX at 15.99, a +106-basis-point 2s10s curve, positive HYG-versus-IEF trend and SPY above both major moving averages. Gold fell 1.49% and credit stayed firm, consistent with lower near-term stress; bitcoin's proxy fell 2.85% and COIN dropped 10.59%, showing that speculative risk did not confirm the equity index signal.
The isolated-cache rerun returned 15 Stage 2 / SEPA setups from the usable sample. The top five were FTRE (75.6), AMCX (74.1), CAKE (73.4), EA (73.2) and ARWR (68.9). Confirmation requires continued relative strength, volume support and survival above trend; the ranking is not a claim of full coverage for the 206 stale or unavailable source symbols.
