Equity indexes closed at fresh highs Tuesday, 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 nine basis points over the past five sessions, with credit ETFs broadly higher. Treasury yields eased across the curve — the 2-year closed at 4.01% and the 10-year at 4.50%, both lower on the day and lower on the week — meaning the cost of money fell at the front and belly of the curve, the part that prices mortgages and short-term corporate borrowing. Volatility held in the high teens, and the cost of insurance against a sharp drop continued to unwind from the prior week. Underneath, breadth weakened — equal-weighted indexes lagged cap-weighted ones, and single-stock options positioning stayed defensive. The story is concentration: a handful of mega-cap names carried the indexes while the broader market trailed — a rally that looks healthy on the headline but reads thinner once the composition is visible.