Dow just tagged a fresh session high and closed at 50,579.70. Up 294 points, 0.58%. S&P 500 finished at 7,473.47 for a 27.75-point gain, and Nasdaq added 50.87 to land at 26,343.97.

Risk-on tone was there, but the breadth looked lopsided. Dow led, S&P followed modestly, and Nasdaq barely participated. That kind of split usually means the move is more about rotation or short-covering than broad conviction.

What I'm watching:

• Whether Nasdaq can catch up tomorrow or if this turns into another Dow-only grind.
• Volume on the indices – if it was light, the follow-through risk rises.
• Any reversal in the mega-caps that dragged Nasdaq higher earlier in the week.

Last time we saw Dow push new highs while Nasdaq lagged like this, it often set up a quick 1-2% pullback in the broader market within a session or two. Not calling it yet, just noting the setup.

Anyone else tracking the relative strength between the three here? Curious if the options flow is pricing in more upside or just hedging the uneven tape.