Equity indexes advanced today and over the past five sessions, with the Russell 2000 leading the tape and broad sector participation underneath. Credit spreads edged modestly wider over the same window, with HY OAS adding two basis points and the high-yield-to-investment-grade spread climbing alongside. Treasury yields held mixed — the front end ticked up while the long end eased fractionally. Volatility stayed in the mid-sixteens, though tail-hedge demand firmed after touching a five-day intraweek high. Single-stock options positioning leaned modestly defensive, with the index P/C near neutral. The story sits in the credit layer — spreads are widening modestly against a rising tape, with options-skew firming alongside, even as equities and breadth read constructively on the day.