Market Breadth Broadens Beyond Mag-7

Small caps outperform (Russell 2000), S&P 500 stuck at 7,500 with dealer gamma flip. Implied correlation surging signals broadening participation. Rotation from mega-cap tech to value and small caps continues. Insurance ETFs top defensive sector chart as investors pivot from AI/tech. U.S. equity funds see first weekly inflow in three weeks, with large-cap tech leading inflows.