As of Thursday, June 25, 2026 (4:00 PM ET close), the S&P 500 closed at 7,357.49, essentially flat at -0.01% on the day versus Wednesday's 7,358.22 close, and -1.54% week-to-date versus Monday June 22's 7,472.79 close (Monday was the week's first trading day; Friday June 19 was the Juneteenth holiday). The VIX rose +0.26 points to 18.89 (+1.40%). The morning's hot May Core PCE print (+0.3% MoM, +3.4% YoY — a three-year high) validated the hawkish bias, but equities shrugged it off and bonds rallied (10Y -1 bp to 4.39%). Leadership rotated to cyclicals (XLI +2.17%, XLV +1.49%, XLB +1.33%, XLK +0.83%). Sector WTD: defensives led (XLV +4.17%, XLU +2.27%), tech lagged (XLK -3.59%). After-the-close catalyst: FedEx Q4 earnings.