Equity indexes closed at fresh highs today, with the Nasdaq 100 and Russell 2000 both up sharply and the S&P 500 reaching a 20-day high. The cost of borrowing for the riskiest companies tightened over the past five sessions, with high-yield spreads in nine basis points and credit ETFs broadly higher. Treasury yields eased across the curve, with the 10-year down 11 basis points over the same window. Volatility held in the high teens and the cost of insurance against a sharp drop continued to unwind from the prior week. Market internals weakened underneath, though — equal-weighted indexes lagged cap-weighted ones, and single-stock options positioning stayed defensive. The story sits in the breadth layer — index strength is masking narrower participation, with mega-cap names doing the work while the broader market trails.